Elon Musk is back on top of Bloomberg's ranking of the richest people on earth. The billionaire lost his position to Bernard Arnault, who helms French high-fashion conglomerate LVMH, in December of 2022, as Tesla's stock declined significantly amid a broader market downturn.
But as the stock has recovered in early 2023, Musk's fortune has risen with it.
Shares of Tesla are up around 95 percent since January 1, and Musk's net worth was $187.1 billion at the close of markets on Monday, placing Arnault in second place with his $185.3 billion.
Now the big question is whether Tesla will keep up the momentum. The stock is still down more than 80 percent over the past 12 months, and the headwinds it faced in 2022 remain.
In particular, Musk remains saddled with making Twitter financially viable. On Saturday night, the social media platform laid off at least 200 people, which is roughly 10 percent the remaining 2,000 who work for the company. There were around 7,500 employees when Musk started making cuts to reduce costs.
In addition, waning demand for electric vehicles has forced Tesla to cut prices to move inventory. While the cuts have boosted sales, they remain sluggish in key markets such as China.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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