After Tesla Inc’s shares climbed this year, Elon Musk has reclaimed the title of the world’s richest person. According to the Bloomberg Billionaires Index, Musk’s net worth was approximately $187.1 billion after the market closed on Monday.
Musk may have taken a little longer to overtake Bernard Arnault, CEO of French luxury brand LVMH, after revealing that he donated 11.6 million Tesla shares to unspecified charitable groups. Based on average prices on the days Musk contributed these shares, the stocks were worth around $2.4 billion.
This admission comes as Musk’s lead over Arnault has shrunk to less than $10 billion, despite signs of increased demand for Tesla’s electric vehicles in 2023.
Tesla’s CEO, who is also the firm’s largest individual shareholder, previously donated shares in the company valued at approximately $6 billion in 2021, making it one of the greatest donations in history.
After his most recent donation, Musk’s net worth increased to 191.3 billion, according to Bloomberg’s Billionaires Index.
Due to the increase in Tesla’s shares, Elon Musk will now need to take a more active role in philanthropy. Private foundations in the US are required by law to donate 5% of their annual assets to charity.
Elon Musk may be the richest man in the world right now, but he also owns the record for having lost the most money in history.
Elon Musk’s net worth decreased from around $340 billion in November 2021 to $137 billion in December 2022, making him the richest individual to lose nearly $200 billion in fortune in the past year.