Elon Musk back to beingrichest man in the world overcoming Bernard Arnault, chairman and CEO of LVMH. According to Bloomberg Billionaires Index, Musk has reached assets of 187,1 billion dollars while that of Arnault stops at 185,3 billion dollars.
The merit of this overtaking is due to Tesla shares, which closed yesterday on Wall Street with an increase of 5,5%. Tesla gains 100% from the intraday low touched on January 6, 2023.
2022 black year for Musk
The goal achieved comes later months of trouble for the billionaire. During 2022, Musk has in fact recorded a Guinness record loss of 200 billion.
THEacquisition of Twitter (and his approach to managing the social network) had cast many fears on Musk's operations which led to doubts even about Tesla. The electric car company has had an ups and downs in recent months. Stockholders had been flustered by the specter of a can further sale of shares by Musk to bear the expenses and costs of the acquisition of Twitter.
Tesla however, it closed the fourth quarter of 2022 with a profit jump of 59% to 3,7 billion dollars and revenues up 37% to 24,3 billion.
Twitter instead it is still an open construction site. Musk, after the takeover, took on the role of CEO with the aim of turning the company around. Has decided to cut the staff by half e introduced the blue paid check ($8 a month) to try to increase revenue.
After the first few months passed without having achieved great results, the billionaire admitted the difficulties in managing Twitter, declaring that he will need more time to stabilize the social network, perhaps until the end of the year. Once the accounts are settled, he will pass the baton to a new CEO.
