Tesla’s stock surged ahead of tomorrow’s meeting with investors, making Musk the wealthiest person in the world, once again. He reclaimed the top spot from Bernard Arnault, the CEO of French luxury brand, posting a net worth of roughly $187.1 billion, according to Bloomberg’s Billionaires Index.

Musk’s personal fortune fell precipitously in late 2022 as Tesla’s stock price slipped along with a broader decline in the tech industry and concerns he was spending too much time focusing on Twitter. The record loss made Musk the first person ever to see $200 billion wiped off his net worth.


Musk has bounced back, however, with Tesla shares swelling nearly 70% so far this year. The surge is due, in part, to a recent announcement by the US Treasury Department that it would allow luxury electric vehicles, including multiple Tesla models, to qualify for the new electric vehicle tax credit.

Charted: Tesla share price 2022-2023


Electric vehicles made up 10% of all new cars sold in 2022

Global demand for electric vehicles has surged. Last year, car companies sold 7.8 million fully electric cars, a 68% increase from the previous year.


The increase was mainly fueled by European and Chinese markets, with electric vehicles accounting for 11% of total car sales in Europe and 19% in China. If you include plug-in hybrid vehicles, the share of electric cars sold in Europe goes up to 20.3%.

In Germany, Europe’s largest auto manufacturing market, electric cars accounted for a quarter of all production. And, in the month of December, Germans purchased more electric vehicles than cars with conventional engines.


Electric vehicle sales reached record heights despite the overall new car market falling slightly. While there was a 4% increase in China, the market for new cars declined by 8% in the US and 7% in Europe, as high inflation rates weakened consumer purchasing power and Russia’s war in Ukraine caused energy prices to climb.

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