Tesla CEO Elon Musk seen at an event in California, U.S. in April 2023. Photo by Reuters
The net worth of Tesla CEO Elon Musk rose $33.5 billion Thursday, marking the largest gain among the world’s top billionaires and exceeding that of second-ranked LVMH chairman Bernard Arnault by seven times.
Musk remains the richest man in the world with a net worth of $270 billion, up 18% since the beginning of the year, according to the Bloomberg Billionaires Index.
The surge was driven by a 22% rise in Tesla shares, hitting their highest level since 2013, following the company’s announcement of a $2.5 billion profit in the third quarter – the largest in a year, Bloomberg reported.
Musk projected Tesla sales to jump 20-30% next year. He added that Cybertruck electric pickup truck has recorded the first quarterly profit.
Tesla shares account for around 75% of Musk’s assets.
“My prediction is Tesla will become the most valuable company in the world, and probably by a long shot,” Musk said in a recent webcast.
Arnault, chairman and CEO of luxury fashion giant LVMH Moet Hennessy Louis Vuitton, added $4.5 billion in wealth Thursday, the second biggest gain in the world.
He now ranks fifth on the global billionaire list with a net worth of $181 billion.
His wealth, however, has fallen 12.6% year to date amid the company’s disappointing financial results due to declining demand for luxury goods.
