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.
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Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
