Tesla CEO Elon Musk has regained the title of the world’s richest man.
Shares in French luxury goods tycoon Bernard Arnault’s LVMH group fell 2.6 percent in Paris trade on Wednesday, making its fortune surpassed by Elon Musk’s. Elon Musk and Bernard Arnault, 74, have been neck-and-neck on the Bloomberg Billionaires Index this year, with Bernard rnault overtaking Elon Musk for the first time in December as the world’s richest man as the tech sector struggled and the luxury goods industry struggled with inflation. Show resilience. The LVMH group founded by Bernard Arnault owns brands such as Louis Vuitton, Fendi and Hennessy.
Confidence in the luxury sector is starting to wane as signs of a slowdown in economic growth become increasingly apparent. It is noticed that LVMH’s share price has fallen by about 10% since April, once reducing Arnault’s net worth by $11 billion in one day.
Meanwhile, Elon Musk’s wealth has increased by more than $55.3 billion this year, largely due to gains in Tesla’s stock price, which accounts for 71% of his wealth, and the company’s stock price has risen 66% this year. According to the Bloomberg Billionaires Index, Elon Musk’s current wealth is approximately US$192.3 billion, while Bernard Arnault’s wealth is approximately US$186.6 billion.
