Key points

  • Tesla CEO Elon Musk has regained his status as the world’s richest man once again as he overtakes Bernard Arnault.
  •  Elon Musk toured China for the first time in three years on May 31, 2023, meeting China’s foreign minister Qin Gang.
  • Musk commented on the status of China and America as co-joined twins saying the two world’s largest economies shouldn’t be breaking their ties through de-dollarisation

Elon Musk regains his richest man status as he tours China

Tesla CEO Elon Musk has regained his status as the world’s richest man. According to a report by Bloomberg, Tesla’s CEO and Twitter’s new owner passed Benard Arnault as the richest man on Wednesday after the shares of Arnault’s LVMH fell by 2.6% in Paris Trading.  

Now, Musk’s total net worth stands at around $192B. The report comes when Elon Musk is on his Chinese tour for the first time in the last 3 years. Musk met with China’s Minister of Foreign Affairs, Jin Zhuanglong, and discussed the development of electric vehicles. 

Though Musk has yet to speak publicly about the contents of his meeting with the Chinese executive, the minister said that Elon Musk agreed to build more factories to produce electric vehicles. 

Elon Musk is now among a growing list of US executives to visit China this year on business trips as economic relations continue to sour. JP Morgan Bank Chief Executive Officer also visited China this week. Apple CEO Tim Cook was also there in March following a series of strikes that had affected his company in earlier months.

Though the ties between Washington and China are growing as the Asian nation is planning on ditching the dollar in favor of a new economic trade bloc, BRICS, Dan Ives from investment firm Wedbush Securities has said that it’s a key chess move for Wall Street executives to foster a great business relationship with Beijing.