Bernard Arnault of LVMH is surpassed by Elon Musk to reclaim the title of world’s wealthiest person
The title of richest person in the world has been reclaimed by Elon Musk.
After shares of Bernard Arnault’s LVMH plummeted 2.6% in trade in Paris on Wednesday, the CEO of Tesla Inc. overtook the luxury mogul.
This year, the Bloomberg Billionaires Index, a ranking of the 500 wealthiest persons in the world, has Musk and the 74-year-old Frenchman tied for first place.
Musk was initially eclipsed by Arnault in December as luxury demonstrated resiliency in the face of inflation and the tech sector suffered. Brands owned by LVMH, which Arnault established, include Louis Vuitton, Fendi, and Hennessy.
As there are more and more indications that economic development is slowing, especially in the crucial market of China, confidence in the luxury sector’s resilience is beginning to wane. Since April, LVMH stock has lost approximately 10% of its value, erasing $11 billion from Arnault’s net worth in a single day.
Musk, on the other hand, has profited this year to the tune of $55.3 billion, mostly because to Tesla. The Austin-based manufacturer, which accounts for 71% of his wealth, has increased 66% so far this year. According to the index, the current worth of Musk’s wealth is roughly $192.3 billion, while Arnault’s fortune is about $186.6 billion.
