Elon Musk's wealth soars by $97bn in 2023's first half
The first half of 2023 was extremely good for the world's wealthiest and in particular for Elon Musk. From January to June, the richest 500 added a combined $852 billion to their fortunes, Bloomberg reported. It was the best half they had since the latter half of 2020. The gains billionaires made reflect a broad stock market rally in 2023's first half.
Why does this story matter?
The year started slow for some of the richest in the world. It was a continuation of the slump in the back half of 2022. The tech industry was the hardest hit, which affected several billionaires. Tech stocks, however, have been on a recovery trajectory, primarily driven by investor interest in artificial intelligence (AI).
Elon Musk is currently worth $247 billion
The biggest gainer in the first half of 2023 was Elon Musk. The Tesla CEO made it back to the top of the Bloomberg Billionaires Index earlier this year. He added $96.6 billion to his net worth. Musk is currently worth $247 billion and sits atop the list. His growth in the first six months was aided by the rise in Tesla stock.
Mark Zuckerberg added $58.9 billion to his fortune
Musk may not have an answer to Mark Zuckerberg's takedowns inside a cage, but he beat the Meta CEO fair and square in first-half gains. Zuckerberg, however, came second by adding $58.9 billion from January to June this year. Meta's 'Year of Efficiency' quest certainly helped him. Rounding out the top three is Jeff Bezos, who increased his wealth by $47.4 billion.
Gautam Adani lost $60.2 billion in the first 6 months
As expected, Gautam Adani was the worst performer among the world's richest in the first half of 2023. In the six-month period, Adani's wealth sank by $60.2 billion. The chairman of the Adani Group also had the worst single-day loss with a drop of $20.8 billion on January 27. Adani's business empire felt the brunt of a scathing report by short-seller Hindenburg Research.
Each member made an average of $14 million/day
Despite Adani's fall, he is still the 21st richest person in the world. According to Bloomberg, each member of the Index made an average of $14 million per day from January to June. It needs to be seen how they perform in the second half.
