Elon Musk reclaimed the title of the world’s richest person thanks to his new AI startup, xAI. The company’s $6 billion fundraising round at a hefty valuation pushed Musk’s net worth to $209.2 billion, surpassing Bernard Arnault and Jeff Bezos.
This windfall comes primarily from Musk’s stake in xAI, estimated at $14.4 billion. His wealth also benefits from his holdings in Tesla and SpaceX, both valued at around $75 billion each. However, his social media company’s value has significantly dropped compared to its purchase price.
Musk’s journey to the top spot wasn’t smooth sailing. A legal battle involving Tesla stock options and fluctuating stock prices kept him neck-and-neck with Arnault. Now, with xAI’s success and SpaceX’s potential growth, Musk seems to have solidified his position as the world’s richest person.
Source: Business Day