Azernews.Az

Elon Musk has regained his position as the world's richest individual on Forbes' annual billionaires list, despite facing some financial challenges and criticism for his involvement with the Trump administration.

Meanwhile, former President Donald Trump, who appointed Musk to head the Department of Government Efficiency (DOGE), has seen his net worth more than double, according to metro.co.uk.

Forbes' 39th annual World’s Billionaires list, released on Tuesday, features 3,028 billionaires, marking the highest number of billionaires since the list's inception in 1987. This year's list includes a record 15 individuals with wealth exceeding 12 digits, a rise from the previous year. Collectively, these billionaires have a combined net worth of $16.1 trillion.

Elon Musk, the CEO of Tesla and SpaceX, and owner of X (formerly Twitter), saw his net worth surge by 75%, reaching approximately $342 billion. He became the first person ever to surpass the $300 billion mark in wealth.

Musk reclaimed the top spot on the Forbes billionaires list, overtaking Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton SA, the world's largest luxury goods company.

Musk’s wealth spike was fueled by new valuations for SpaceX and xAI, as well as a steady rise in Tesla stock over the past year. Despite Tesla stock plunging by 36% in the first three months of this year — its largest drop since 2022 — Musk’s fortune remained largely unaffected for the upcoming 2025 list.