Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Elon Musk Adds $1.98 Bn to Fortune in One Day, Regains World's Richest Title

Fri 02 Jun 2023 | 07:34 AM
Taarek Refaat

Billionaire and Tesla CEO "Elon Musk" has regained his position as the richest person in the world, after losing the title during the past few days to French billionaire Bernard Arnault.

By the end of trading on Wednesday, Tesla shares rose 1.4% to $203.93 on Wall Street, raising Musk's net worth by about $1.98 billion to reach $192 billion, according to the Bloomberg Billionaires Index.

According to the data, at the annual level, Elon Musk's wealth increased by 40.3% from the beginning of the year to date by about $55.3 billion.

On the other hand, the founder of the French company LVMH, Bernard Arnault, fell to second place behind Elon Musk, with a fortune of $187 billion, followed by Jeff Bezos, Amazon founder, with a fortune of $144 billion.

Musk fell to second place in the list of the world's richest people, behind Arnault, last December, after Tesla shares fell after his acquisition of Twitter in a $44 billion deal.

A Bloomberg report indicated that the two remained close to the top for several months, and that the size of the wealth of the 31 billionaires included in the census exceeds the cash held by the US Treasury.

On Wednesday, the US House of Representatives approved a bill to suspend the $31.4 trillion debt ceiling until January 1, 2025.

The bill would then have to be approved by the Senate before it is sent to US President Joe Biden to be signed into law.

The bill must be approved by the sheikhs before the fifth of June, which is the exact date when the Treasury will run out of money to be unable to pay its debts for the first time in the history of the United States.

If the Treasury Department fails to pay, it could cause economic chaos in the United States and global economies. Such a catastrophic scenario would be unprecedented in the United States and would have repercussions on a global level.

In a statement, US President Joe Biden urged the Senate to pass it as quickly as possible so that I can sign it into law, and our country can continue to build the strongest economy in the world.