Tesla’s CEO Elon Musk has reclaimed his title as the world’s richest businessman. Musk surpassed luxury tycoon Bernard Arnault on Wednesday as his company LVMH’s shares fell by 2.6 per cent in Paris trading on Wednesday. As per Bloomberg Billionaires Tally’s estimation, Musk’s net worth at present is $192 billion compared to LVMH CEO Bernard Arnault’s $187 billion.
In the Bloomberg Billionaires Index, a ranking of the 500 richest people in the world, the two centibillionaires, Musk and the 74-year-old Frenchman, have been neck-and-neck for first place this year. LVMH’s market value has tumbled about 10 per cent since April. Speaking of, market volatility plunged Arnault’s net worth by $11 billion in a single day.
In December 2022, when Musk’s Tesla saw a sharp decline in value, Arnault, the head of Louis Vuitton’s parent company LVMH, first overtook Musk as the richest person in the world. Last year, Musk’s net worth dropped below $200 million. Lately, Musk has seen his position on the world’s rich lists soar due to his close ties to the electric car manufacturer Tesla. According to Bloomberg, his largest asset is the company’s stock, which he owns about 13% of.
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Along with Tesla, 51-year-old Musk is the CEO of Neuralink, a start-up that is creating ultra-high bandwidth brain-machine interfaces to link the human brain to computers, and rocket company SpaceX. Furthermore, he is making quite a buzz lately with his Twitter acquisition. Meanwhile, brands owned by LVMH, which Arnault founded, include Louis Vuitton, Fendi, and Hennessy.
The plunge in LVMH shares is a result of fading faith of people in the luxury sector’s buoyancy amid mounting signs of slowing economic growth, specifically in the critical market of China.
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