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  • Tech - News - Tech Companies
  • Updated: March 01, 2023

Lessons From Elon Musk Bouncing Back As World's Richest Man

Lessons From Elon Musk Bouncing Back As World's Richest Man

Elon Musk, the maverick overall boss at Tesla Inc., SpaceX, and now Twitter, is a personality that evokes either eccentricity in the minds of many or astuteness to others, yet ever coasting on as the world's richest man.

According to CNN, Musk has bounced back again as the world's richest man.

Born June 28, 1971, in Pretoria, South Africa, Elon Musk, the renowned South African-born American entrepreneur cofounded the electronic-payment firm PayPal and formed SpaceX, maker of launch vehicles and spacecraft.

He was also one of the first significant investors in, as well as chief executive officer of, the electric car manufacturer Tesla.

In addition, Musk acquired Twitter in 2022.

Being born to a South African father and a Canadian mother, Musk displayed an early talent for computers and entrepreneurship.

At age 12 he created a video game and sold it to a computer magazine.

In 1988, after obtaining a Canadian passport, Musk left South Africa because he was unwilling to support apartheid through compulsory military service and because he sought the greater economic opportunities available in the United States.

With an estimated net worth of around $196 billion as of February 15, 2023, primarily from his ownership stakes in Tesla and SpaceX, Musk was the second-wealthiest person in the world, according to both the Bloomberg Billionaires Index and Forbes's real-time billionaires' list.

However, in what seems another lightning-speed miracle, the billionaire has retaken his position as the world's richest man from French billionaire Bernard Arnault.

Musk made N3.2trn ($6.98bn) in just 8 hours of trading, aiding his bounce back to the top of the billionaire list.

He has been trailing Bernard Arnault and at some point, it seemed he would never make a recovery.

After losing the title for 82 days, Elon Musk has reclaimed his position as the world's richest man.

He lost the title to Arnault on December 8, 2022, following controversies surrounding his Twitter ownership, which led to a sell-off of Tesla shares and a decline in his wealth.

Despite several attempts to regain the top spot, Musk fell short as Arnault's wealth grew.

However, on Monday, February 27, the inevitable happened as the share price of his Telsa stocks increased by a whopping 100% after eight hours of trading.

This massive increase helped Musk make $6.98 billion(N3.2trn) after a few hours of trading to push his total net worth to $187 billion, data from the Bloomberg billionaire index shows.

Arnault also increased his wealth. Bernard Arnault is the founder, chairman, and chief executive officer of LVMH (Moët Hennessy Louis Vuitton), the world's largest luxury goods company.

Bloomberg reports that after Monday's trading, he is now worth $185 billion, which is $2 billion behind Musk.

With this latest development, the following are the top richest men in the world as of Monday, February 27, 2023:

  • Elon Musk- $187bn
  • Bernard Arnault $185bn
  • Jeff Bezos $117bn
  • Bill Gates $114bn
  • Warren Buffett $106bn 

Conclusion

Focus, zest, unpredictability, brash experimentation, and grit all seem to be cooperating with Elon Musk for victories.

This suggests that provided you are bold and courageous and you also understand yourself and your goals in life, other people's views about you may not count.

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