Elon Musk is likely to reclaim his title as world richest man

From Abubakar Y Ojimaojo ABUJA

Tesla CEO, Elon Musk, appears likely to reclaim the title of world’s wealthiest man, which he lost a few months ago to French billionaire and luxury merchant Bernard Arnault.

Musk’s fortune has been slowing steadily since he made history this year by becoming the first person to lose $200 billion.

According to the Bloomberg Billionaire Index, Elon Musk’s net worth of $191 billion is now very close to that of Bernard Arnault ($192 billion), the world’s current richest man.

Musk has narrowed the gap to Arnault to less than $1 billion amid indications of increased demand for Tesla’s electric cars.

Because of Tesla Inc.’s 70% growth this year, Elon Musk is on the verge of reclaiming his position as the world’s richest person after dropping behind Bernard Arnault in December.

Since January, the share price of the electric vehicle manufacturer has increased by 65% to $201.29. Tesla’s rise in value, like the general market’s, was fueled by higher-than- expected fourth-quarter earnings and other events that the market interpreted as positive indicators of future performance.

Elon Musk’s philanthropy: Billionaire Elon Musk said he donated roughly $1.95 billion (£1.6 billion) worth of shares in his electric carmaker to charity last year. Elon Musk previously donated shares in the company in 2021 worth about $5.7 billion, making it at the time one of the largest philanthropic donations in history.

The recipient for the donation was later revealed as the Musk Foundation, which has recently provided funds to education and carbon-removal projects as well as nonprofits in the area around Brownsville, Texas, close to his SpaceX spaceport.