Elon Musk, the maverick CEO of Tesla and Twitter, has surpassed French billionaire Bernard Arnault, who is the head of the LVMH luxury goods group. As a result of this development, Musk has reclaimed his title as the world’s richest person.
According to Bloomberg’s regularly updated billionaires’ index, Arnault’s wealth has decreased by $5 billion in the past day to $187 billion, whereas the maverick 51-year-old CEO of Tesla and owner of Twitter has seen his fortune return to $192 billion (£153 billion), up $55 billion from the beginning of the year.
In December of last year, as the value of LVMH shares rose amid rising demand for its premium goods, Arnault surpassed Musk as the richest man in the world. Musk’s net worth has decreased at the same time that Tesla’s stock price dropped due to investor concerns that he might be concerned with his recent acquisition of Twitter.
The valuation of LVMH, which includes brands including Louis Vuitton, Christian Dior, and Mot & Chandon champagne, reached a record high in April, and Arnault’s wealth then continued to grow, surpassing $200 billion. Since then, however, experts’ worries that the luxury goods bubble may be bursting have caused LVMH shares to drop by more than 10%, lowering the projected worth of Arnault’s fortune.
The main shareholder and 74-year-old co-founder of the luxury products company, which was created 35 years ago, recently promoted his children to important positions inside the company. The leadership of Christian Dior, the second-largest brand in the empire, was given to his eldest child, Delphine, in January. In order to administer the holding firm that oversees LVMH and the Arnault family riches, her brother Antoine received a promotion.
Tesla, the electric car manufacturer, whose stock Musk owns around 13% of, has a direct impact on Musk’s wealth. Since the year began, shares in Tesla have increased 66%.
Jeff Bezos, the founder and CEO of Amazon, is ranked third in terms of wealth with an estimated net worth of $144 billion. The richest woman, Françoise Bettencourt Meyers, the L’Oréal heiress at No. 12, with $86 billion, is among the top 11 richest males.
