Elon Musk has reclaimed the title of the richest person in the world, per Bloomberg’s tally.
The Tesla CEO lost the title to Bernard Arnault, CEO of French luxury brand LVMH (LVMHF), in December, 2022, making Musk Number 2 on the list for more than two months.
As of Monday, however, Bloomberg reports that a rally in Tesla stock has lifted Musk back to the top of its real-time Billionaires Index.
Musk’s net worth was $187.1 billion as of Monday after markets closed, according to Bloomberg, just topping the $185.3 billion fortune of Arnault.
While Tesla (TSLA) stock declined steeply last year amid Musk’s problem-plagued acquisition of Twitter and a broader market downturn in tech, shares for the electric vehicle maker have since surged in 2023.
Musk might hold the current title of the richest person in the world, but he also holds a record for the biggest fortune ever lost by anyone in history.
In December 2022, Musk became the first person ever to lose $200 billion in wealth — after his net worth slid from $340 billion in November, to $137 billion.
The rapid decrease in the value of Tesla shares at the time caused the sudden crash.
The company had its worst year ever on Wall Street last year, losing $700 billion because of investor apprehensions regarding the effects of Covid-19 in China and Musk’s contentious takeover of Twitter.
Amid all this, the Twitter CEO is making cost cuts at his newly acquired company for which he spent $44 billion.
He had tweeted in November that the microblogging site was losing nearly $4 million a day.
Recently, Twitter announced its eighth round of layoffs and more than 50 people were fired by Mr. Musk-led administration. This comes after the billionaire cut more than 3,700 jobs at Twitter or half of the company’s workforce, a move to drive down costs following his acquisition.