Elon Musk Confirmed as the Richest Person in the World Again
In a major surprise, Elon Musk has reclaimed the title of the richest person in the world from billionaire Bernard Arnault, chairman of LVMH. According to Forbes’ real-time rankings as of May 29, Musk’s net worth has surpassed $209 billion, while Arnault has dropped to third place with $199.3 billion due to consecutive declines in LVMH stock.
The Rise of Musk’s Wealth
One of the main reasons for Musk’s increased wealth is the success of xAI—the artificial intelligence startup he founded. Recently, xAI raised $6 billion in a funding round, bringing the company’s valuation to $24 billion. Forbes estimates that Musk owns about 60% of xAI, which equates to around $14.4 billion.
xAI: Competing with Industry Giants
Founded in July 2023, xAI is in direct competition with giants like OpenAI and Microsoft. The company is notable for its chatbot Grok and is led by top industry experts who previously worked for Google, Microsoft, and Tesla. Their goal is to understand the nature of the universe and develop alternatives to ChatGPT.
Musk’s Diverse Holdings
In addition to xAI, Musk’s wealth also comes from a 12% stake in Tesla and a 42% stake in SpaceX, each valued at around $75 billion. However, the value of his shares in X (formerly Twitter) has plummeted significantly, now estimated at only $7 billion—a nearly 70% decrease from the purchase price in 2022.
Future Prospects
Despite Tesla’s stock experiencing significant volatility, which has led Musk to repeatedly lose and regain his title as the richest person in the world, he still has a chance to maintain this position. Currently, SpaceX is preparing for a stock sale, which could elevate the company’s valuation to $200 billion by the end of this year.
The Big Question
The question remains: Can Musk continue to hold this top position amid ever-changing market conditions? Certainly, upcoming developments will be worth watching!
