Elon Musk has again reached the top of the ranking of the world’s richest people. The rally in Tesla Stock TSLA+ 5.46% stock has helped Musk regain the crown he lost last year, but he’s still posting huge losses on paper.
Tesla Stock (ticker: TSLA) is up nearly 69% this year. According to the Bloomberg Billionaires Index, Musk’s net worth has grown to around $187 billion.
That pushes Musk above the $185 billion net worth of LVMH Moët Hennessy Louis Vuitton (MC.France) CEO Bernard Arnault, who took the top spot at the end of last year, largely due to a decline in Tesla Stock shares.
Despite the recent rally, Musk—and smaller Tesla Stock shareholders—are staring at a significant loss as the electric carmaker reaches its peak value in late 2021. This brings Musk’s estimated net worth to around $340 billion.
Still, it’s a positive milestone for Musk ahead of Tesla’s investor event on Wednesday, which could cause the stock to move higher. The hottest topic is the possible announcement of a low-cost Tesla vehicle, but it may need something special to keep driving shares high.
Musk has promised to open “the path to a completely sustainable energy future for Earth”—if he gets anywhere close, he might be able to hold onto the top spot for a while.