3rdPartyFeeds News

: Elon Musk becomes world’s richest billionaire again, after Tesla stock surge adds $7 billion to his wealth

Tesla stock surge leads Musk to top the global wealth list again. Read More...

Elon Musk is the top dog once again, becoming the world’s richest man due to a recent surge in Tesla stock.

On Tuesday, Musk was worth $187 billion – a rise of $7 billion from Monday, according to the daily Bloomberg Billionaires Index.

Tesla TSLA, +5.46% shares have soared almost 70% in the year to date, though the electric-vehicle manufacturer’s stock is still 23% down in the last 12 months.

Tesla stock closed 5% up at $207.63 on Monday.

So far this year, the Twitter and SpaceX CEO added $50 billion to his wealth. He’s overtaken Bernard Arnault, the chairman and chief executive of LVMH Moet Hennessy Louis Vuitton MC, -0.30%, who is worth $185 billion. LVMH shares have gained 16% this year.

All eyes are on Tesla’s investor event on Wednesday, which could move the stock either way. The EV maker is expected to introduce a cheaper third-generation car model.

Opinion: Why Tesla investor Ross Gerber backed down from his activist push for a board seat

Tesla stock has been weighed down by Musk’s acquisition of Twitter, which led the billionaire to sell about $23 billion worth of the EV maker’s shares last year.

Read More