Elon Musk reclaims title as world's richest person, surpassing Bernard Arnault
San Francisco, June 01: Elon Musk has once again become the wealthiest person in the world. The CEO of Tesla Inc. surpassed luxury tycoon Bernard Arnault on Wednesday as shares of Arnault's LVMH fell 2.6 per cent in Paris trading.
Throughout this year, Musk and the 74-year-old Frenchman had been closely competing for the top spot in the Bloomberg Billionaires Index, which tracks the wealth of the world's 500 richest individuals.
Bernard Arnault had initially surpassed Musk in December, benefiting from the resilience of the luxury sector amidst economic uncertainties in the tech industry. LVMH, the company founded by Arnault, owns prestigious brands such as Louis Vuitton, Fendi, and Hennessy.
However, recent signs of slowing economic growth, particularly in China, have cast doubts on the luxury sector's ability to sustain its buoyancy. LVMH shares have declined by approximately 10 per cent since April, leading to an $11 billion drop in Arnault's net worth in a single day.
Meanwhile, Elon Musk's wealth has soared by over $55.3 billion this year, largely driven by the success of Tesla. The Austin-based automaker, which constitutes 71 per cent of Musk's fortune, has experienced a remarkable 66 per cent rally year-to-date. As per the index, Musk's fortune is currently valued at around $192.3 billion, surpassing Arnault's estimated net worth of approximately $186.6 billion.
- With inputs from agencies