SpaceX owner and Tesla CEO Elon Musk poses as he arrives on the red carpet for the Axel Springer Awards ceremony in Berlin on December 1, 2020. — AFP 

Elon Musk becomes the wealthiest person in the world once again with an astounding $92 billion in revenues so far in 2023, defeating other billionaires.

According to the Bloomberg Billionaires Index, this places Elon Musk at the top of the list, leading the group of the 500 richest people with a combined net worth of $1.5 trillion, which is a return from the $1.4 trillion loss sustained the year before.

These people’s success was quite similar to the performance of tech stocks, which surged to all-time highs in spite of worries about an impending recession, ongoing inflation, rising interest rates, and unstable geopolitical conditions.

The hype around artificial intelligence propelled tech billionaires to a stunning 48% gain and a $658 billion increase in their total wealth.

Among this select group, French luxury tycoon Bernard Arnault lost his position as the richest person in the world to Elon Musk.

With the help of SpaceX and Tesla, the CEO of Tesla Inc was able to recover from the $138 billion loss he suffered in 2022, amassing an additional $95.4 billion by the end of Thursday.

Due to a decline in the demand for luxury goods globally, Musk’s net worth has surpassed Arnault’s by over $50 billion. This is seen in the shares of LVMH Moet Hennessy Louis Vuitton SE.

Major advertisers like Walt Disney, Sony, and IBM severed their ties with the platform in response to a controversy surrounding Elon Musk’s social media activity, which included an antisemitic post. This led to Musk’s remarkable $92 billion wealth gain year-to-date, reaching a valuation of $229 billion.  

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