ALBAWABA – Tech billionaire Elon Musk reclaimed the throne of the Richest Man in the world on Thursday, having been dubbed ‘Comrade Musk’ by online activists and commentators, in light of his latest visit to china.
Musk’s wealth jumped 40.3 percent this year to $192 billion, after Tesla shares rose about 24 percent in May, according to Eikon data, as reported by CNBC.
In December, Tesla CEO Musk was dethroned by LVMH CEO Bernard Arnault, when shares of Tesla fell after his $44 billion acquisition of social media platform and company Twitter.
Tesla stocks closed 1.38 percent higher on Wednesday, at $203.93, CNBC confirmed.
The company’s stocks hit a two-year low in November when its share price dropped to $167.87, the lowest since November 2020.
Musk has now knocked Arnault out of his seat, on top of the world’s wealth pyramid. He also only rocket manufacturing company SpaceX.
He left China on Thursday, after a high-profile two-day visit, according to CNBC. While in China, he met with foreign minister Qin Gang and other Chinese officials.
During the visit, statements by Chinese official uncovered that Musk is looking to explore new electric vehicle options in China.
Overall, Chinese social media was ecstatic about the billionaire’s visit. But in the wake of the warm welcome he received from Chinese officials, a swarm of disgruntled social media activists and commentators criticised Musk’s visit, mostly sarcastically. Some even sarcastically referred to him as ‘comrade Musk’.
Arnault now trails behind Musk as the world’s second richest man at $187 billion, followed by Jeff Bezos, the billionaire founder of Amazon, according to Bloomberg data.
