According to Bloomberg, Elon Musk has reclaimed his title as the world’s richest person when shares of Bernard Arnault LVMH plummeted in Paris trading.
This year, Musk and Arnault have been neck and neck for the top spot in the Bloomberg Billionaires Index.
On Wednesday, May 31, Tesla Inc. CEO Elon Musk surpassed luxury mogul Bernard Arnault when shares of Arnault’s LVMH plummeted 2.6% in Paris trading.
Arnault, a 74-year-old French business billionaire, initially eclipsed Musk in December of last year, when the tech industry was floundering and luxury was demonstrating resilience in the face of inflation.
He founded LVMH, one of the world’s greatest companies, and is the owner of luxury brands such as Louis Vuitton, Dior, and Hermes.
According to CNN, while LVMH shares are down 19.7 percent year to date, Tesla shares are up 65.6 percent. This year, Musk has earned more than $55.3 billion, primarily from Tesla.
While Bloomberg has Musk at the top, Forbes’ The Richest People In The World list still has Musk in second place with a net worth of $180 billion and Arnault in first place with an astounding net worth of $211 billion.
According to Bloomberg, confidence in the luxury sector’s buoyancy is beginning to wane amid rising evidence of slowing economic growth, particularly in China, a vital market. LVMH shares have fallen approximately 10% since April, erasing $11 billion from Arnault’s net worth in a single day.
Elon Musk, on the other hand, has made more than $55.3 billion this year, mostly as a result of Tesla Inc. The Austin-based manufacturer, which accounts for 71% of his fortune, is up 66% year to far.
Elon Musk’s fortune is currently estimated at approximately $192.3 billion, while Arnault’s is approximately $186.6 billion, according to the Bloomberg Billionaire Index.
