Shares of Tesla (TSLA) have been steadily rising since opening the year.
Elon Musk's electric vehicle company's shares closed trading valued at $108.10 on Jan. 3. By Feb. 27, the stock was worth $207.63 per share.
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The increase in Tesla's stock value added to Musk's net worth. It has now put him back on top as the world's most wealthy person.
By late 2022, a decline in Tesla share price had taken a toll on Musk's fortune.
That fact allowed Bernard Arnault, the French businessman who serves as CEO of luxury goods company LVMH Moët Hennessy Louis Vuitton (LVMUY) , to claim the title of world's richest.
Musk had acquired Twitter in October, causing some investors to worry he was spending too much time at the helm of the social media microblogging site and not enough time on Tesla.
Musk seemed to address these concerns in a tweet last December.
"I will resign as CEO as soon as I find someone foolish enough to take the job!" Musk posted to Twitter on Dec. 18, 2022. "After that, I will just run the software & servers teams."
Competition is becoming more robust in the market for electric vehicles.
Tesla shares were up 5.46% for the day on Feb. 27. That brought Musk's net worth to $187.1 billion, while Arnault's was $185.1 billion, according to Bloomberg.
Ark Invest CEO Cathie Wood recently said Tesla shares could reach $1,500 to $1,600 in five years, and she continues to keep the stock as one of her largest holdings.
"Tesla is one of the most profound AI (artificial intelligence) companies out there,” she told Maria Bartiromo on Fox Business.
That’s why the stock is one of the biggest holdings in several Ark ETFs, Wood said. "It’s not an auto company, it’s a technology company."
Wood said she believes strongly in Tesla's autonomous taxi venture.
"That’s the biggest opportunity in the next five to 10 years around AI," Wood said. "Autonomous taxi platforms, and Tesla is in the pole position, will have (profit) margins in the 80% range."
