As Tesla shares increase by over 70% in 2023, Elon Musk reclaims the title of "world's richest individual"
Following this year's increase in Tesla Inc.'s stock price, Elon Musk once again holds the title of the richest individual in the world. According to the Bloomberg Billionaires Index, Musk's net wealth as the market closed on Monday was approximately $187.1 billion.
After Musk disclosed that he donated some 11.6 million Tesla shares to unidentified charitable organizations, it might have taken him a little longer to surpass Bernard Arnault, CEO of the French luxury retailer LVMH. Based on average stock prices on the days that Musk donated these securities, the stocks were valued at about $2.4 billion.
The timing of this revelation coincides with Musk's closing of the $10 billion gap with Arnault Demand in 2023 for Tesla's electric cars
One of the largest donations in history, the Tesla CEO and largest individual shareholder gave the business shares valued at about $6 billion in 2021.
After his most recent contribution, Musk's net worth increased to 191.3 billion, according to Bloomberg's Billionaires Index.
Given the increase in Tesla's holdings, Musk will need to step up his philanthropic efforts. Private foundations in the US are required by law to donate 5% of their annual funds to charity.
Musk may be the richest man in the world right now, but he also owns the record for having lost the most money ever.
Musk became the wealthiest individual to lose more than $200 last year after his fortune fell from about $340 billion in November 2021 to $137 billion in December 2022.