Tesla CEO Elon Musk finally seems to reclaim the position of the world’s wealthiest individual, surpassing LVMH chief Bernard Arnault. The increase in Musk’s net worth was driven by a nearly 2% rise in Tesla shares, where Musk holds a 13% stake. Following Musk and Arnault, Amazon founder Jeff Bezos ranks third.
The title of the world’s richest person has been a revolving door among Musk, Arnault, and Bezos in recent months. Over the past three months, Amazon shares have risen by over 3%, while Tesla and LVMH shares have decreased by 1.4% and 8%, respectively. Musk’s wealth is predominantly linked to his stakes in private ventures like SpaceX and his AI company, xAI. His net worth may see a significant boost if Tesla shareholders approve the reinstatement of his $50 billion compensation package next week. This package would increase Musk’s equity in Tesla from 13% to 22%. The vote comes amidst Musk’s appeal against a Delaware judge’s decision that nullified the payout in January due to concerns about potential conflicts of interest and Musk’s influence over the board.
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