Lots of money comes and lots of money goes at times when you are among the superwealthy.
CEO Elon Musk no doubt fits that bill, following some dramatic swings in his personal fortune over the past few years.
But as of Thursday, he was worth $191 billion, according to the Bloomberg Billionaires Index. That makes him the second-richest person in the world, just behind the man who currently wears that crown — Bernard Arnault, founder and chief executive officer of luxury goods giant LVMH Moet Hennessy
The French business magnate is worth $192 billion, a mere billion more than Musk.
Year-to-date, the head of Tesla and Twitter and the founder of SpaceX and the Boring Company, has seen his wealth climb by $54.2 billion. That’s as shares of his electric-car maker have found their way back into investors’ favor after 2022 turned into the worst year ever for the stock.
That slump helped Musk earn a spot in Guinness World Records, which last month noted that he had suffered over the last couple of years the “largest loss of personal fortune in history.” By some estimates, Musk lost between $180 billion to $200 billion between November 2021 and mid-January, roughly.
Musk’s fortunes started perking up later in January, and Tesla stock is up 73% so far as of Feb. 16, according to FactSet. That more than compensates for a 65% slump in 2022. The gains are in step with a swath of technology company stocks, as the interest-rate sensitive sector has benefited from a view — still debatable — that the Federal Reserve will curb its rate-hiking plans this year.
Investors were encouraged by Tesla’s fourth-quarter earnings last month. While mixed, they included a more upbeat outlook, saying demand for the company’s EVs continues unabated. Investors are also looking ahead to an investor event on March 1. Even so, some analysts warn that Tesla may find extra gains after a strong rally this year tougher to come by.
Read: Barclays initiates coverage of Tesla with overweight rating
Musk may be listening to his shareholders more these days though. This week he also said would likely appoint a CEO by the end of the year for Twitter, which he bought last year for around $44 billion. Some investors have criticized his purchase of the microblogging site as harmful distraction for Musk and Tesla.
Read: Longtime Tesla bull Ross Gerber said to announce he’s seeking board seat
See also: Biden team says Tesla will open network to competitors, part of pledge for 500K EV chargers made ‘as easy as filling with gas’