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Elon Musk has moved back to the top of the rankings of the world’s richest people. The surge in Tesla TSLA +5.46% stock has led to Musk regaining the crown he lost last year but he’s still nursing a huge loss on paper.

Tesla (ticker: TSLA) stock is up around 69% this year. That has driven Musk’s net wealth to around $187 billion, according to the Bloomberg Billionaires Index.

That pushes Musk above the $185 billion net worth of Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton (MC.France), who took the top spot late last year, largely due to the decline in Tesla shares.

Despite the recent rally, Musk –and smaller Tesla shareholders– are looking at a significant loss since the electric car maker reached its peak value in late 2021. That led Musk’s estimated wealth to peak at around $340 billion.

Still, it’s a positive milestone for Musk ahead of Tesla’s investor event on Wednesday, which could cause the stock to move sharply. The hottest topic is the potential announcement of a lower-cost Tesla vehicle but it could need something special to keep driving shares higher.

Musk has promised to unveil “the path to a fully sustainable energy future for Earth” – if he gets anywhere close, he might be able to bank on holding onto the top spot for a while.

Why Warren Buffett’s Letter Was Such a Big Disappointment

Every year, investors await Warren Buffett’s annual shareholder letter with excitement, hoping for the insights and flair that make it a must-read. This year’s was a disappointment.

Buffett took just two pages of the relatively brief 11-page letter to go over events of the past year and there wasn’t a lot of insight. The eagerly anticipated missive released Saturday didn’t address some key issues, including the slowdown in stock buybacks at Berkshire Hathaway BRK.B +0.21% the troubles at Geico, and succession.

Warren Buffett May Be Sending a Message to His Successor: Buy More

Berkshire Stock

Warren Buffett has made it clear. Berkshire Hathaway’s future leaders, including Greg Abel, will be expected to put many of their financial eggs in the conglomerate’s basket.

In his annual shareholder letter released Saturday, Buffett wrote that “our future CEOs will have a significant part of their net worth in Berkshire shares, bought with their own money.”

Chip Stocks Are Headed Lower and the Worst Is Yet to Come, Says Citi

Weakness in chip demand will spread to more end markets, says Citi Research. The firm predicts that gloomy scenario will spell trouble for semiconductor stocks.

On Monday, analyst Christopher Danely wrote in a research report that the chip industry will miss 2023 earnings estimates by at least 10%, driving the sector to new lows. He cited how both Intel INTC –0.95% (ticker: INTC) and Advanced Micro Devices AMD +0.87% (AMD) gave weak outlooks for data center segment.

It has been one year since Russia initiated its unprovoked war in Ukraine, terrorizing its neighbor indiscriminately with relentless missile attacks and hundreds of thousands of casualties on both sides. The political and national security ground shifted with consequences extending far beyond the country’s borders. Of particular significance is Russia’s highly effective use of energy as an unconventional weapon, drastically curtailing supply to Europe.

The continent weathered the winter by rapidly pivoting to bolster its energy security, in large part by filling its gas storage capacity at record prices. Some luck also played a role: Relatively mild temperatures reduced demand for energy supply. But the conditions that allowed Europeans to survive the energy front of the war will look different in the year ahead. Europe will have to balance meeting

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