Musk is likely to continue to be the richest man in the world, as the gap between him and Zuckerberg is over $100 billion. However, continuing public backlash against Tesla and its stock could limit Musk's future growth.
Elon Musk reclaims title as world's richest person on Forbes list
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Elon Musk has reclaimed his status as the richest man in the world, growing his net worth by 75 percent in the last year.
The Tesla and SpaceX CEO beat last year's top billionaire, French businessman Bernard Arnault, in Forbes' annual World Billionaires List, with a total worth of $342 billion, making him the richest person the list has ever featured, News.Az reports, citing Newsweek.
Musk fell behind Arnault, the owner of top fashion brands such as Louis Vuitton, Tiffany & Co. and Sephora in the 2024 rankings, with the tech CEO having an estimated net worth of $195 billion. Since then, Musk has drastically increased his wealth thanks to a boom in SpaceX and Tesla stock, which remains high despite the company's recent public and financial issues.
In the annual rankings of the richest people in the world, Forbes estimated that Musk was once again at the top of the list, beating out fellow tech CEOs Mark Zuckerberg, who placed second, and Jeff Bezos, who placed third.
Last year's richest person, Arnault, dropped to fifth place, after a decline in demand for luxury goods led to a slump in the stock price of LVMH, the biggest contributor to his wealth.
Musk increased his wealth to such an extent that he is now worth twice as much as Arnault, who was estimated to be worth $178 billion.
Musk's growth was spearheaded by the contributions of SpaceX, which overtook Tesla as the biggest contributor to his wealth for the first time this year. SpaceX, of which Musk owns 42 percent, has become vital to NASA operations and the federal government's space activity, with the recovery of astronauts Barry Wilmore and Sunita Williams from the ISS being carried out by a SpaceX vehicle.
Musk's stocks soared in value in the wake of the 2024 election results, which positioned him directly in the White House with control over regulatory bodies and federal spending, thanks to his friendship with President Donald Trump and the new position as head of the Department of Government Efficiency.
In their description of Musk's entry on the list, Forbes said: "This is Musk's 14th consecutive appearance on the annual World's Billionaires ranking. The 53-year-old businessman, who has vaulted to political prominence as one of President Donald Trump's closest advisors, boasts a net worth of $342 billion, making him not just the richest person in the world, but the richest person Forbes has ever tracked."
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