Elon Musk Reclaims Top Spot on Billionaires List

Elon Musk is once again back at the top of the list of billionaires by Bloomberg. He is currently the CEO of the social media company Twitter and automotive artificial intelligence company Tesla.

Bloomberg reported that Musk earned a net worth of $137 billion in 2023, marking him the first person to ever lose $200 billion from their fortune and reclaim the title of richest man once again.

Tom Narayan, an analyst with RBC Capital Markets, noted in a February report that Tesla price cuts had increased demand for vehicles.

Narayan added that Tesla is considered the "poster child" of electric cars, writing that they believe there is a huge demand for Tesla products even in the face "of more EV competition."

Tesla shares rose 5.5% to $207.63 in New York, which jumpstarted Musk's net worth.

Musk unseated France's Bernard Arnault, who is the chief executive officer of LVMH.

In 2021, the Tesla and Twitter CEO earlier beat Amazon founder Jeff Bezos to become the world's richest person at the time.

The three have exchanged places at the top of the billionaires' list of Bloomberg.

Elon Musk Falling From Top of Billionaires List

Forbes noted that Elon Musk's net worth declined by around $115 billion in 2022. At the beginning of that year, he was the world's richest person by a huge margin of around $70 billion ahead of Arnault.

In addition, Tesla's stock price decreased nearly 70% as of December 27, 2022, with Tesla investors calling on its board of directors to have Musk refocus on the electric vehicle company.

Despite losing the richest man in the world title in 2022, he remained to be the wealthiest person in the United States.

Forbes dubbed Musk as the "biggest loser of 2022." Some of the U.S. billionaires also felt the heat, with Bezos losing $80 billion.

Meanwhile, Meta co-founder Mark Zuckerberg lost $78 billion, as detailed by CNBC.

Elon Musk Twitter

Elon Musk purchased Twitter last October, which was followed by some uncertainty about whether he would be able to follow through on the deal.

However, he managed to close the acquisition worth $44 billion and immediately started firing at least four top Twitter executives, which included the chief executive and chief financial officer of Twitter, as reported by The New York Times.

Recently, Musk emailed his remaining Twitter employees saying that those who are left will receive "very significant" performance-based stock awards on March 24 after a round of sudden layoffs.

Musk wrote in the email that Twitter had completed a "difficult organizational overhaul focused on improving future execution," according to The Verge.

Twitter employees that were laid off included "senior loyalists" and about all of the product team, without warning over the weekend.

Since Musk's takeover, Twitter's internal directory has been offline. He also shut down the ability for employees to use the company's Slack and followed by the disabling of Google Chat for work emails.

Twitter employees said they think it was an effort to avoid internal communication amid the layoffs.

This article is owned by Latin Post.

Written by: Mary Webber

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