Elon Musk has once again reclaimed the title of the world’s richest man, surpassing Bernard Arnault, CEO of LVMH. As shares of the luxury conglomerate tumbled 2.6 percent in Paris trading.
According to Bloomberg, Musk’s total net worth now stands at $192.3 billion, while Arnault’s assets amount to $186.6 billion.
Throughout the year, Musk and luxury tycoon Arnault have been in a neck-and-neck race for the top spot in the Bloomberg Billionaires Index.
This ranks the world’s 500 wealthiest individuals. The decline in LVMH’s shares caused a drop in Arnault’s net worth. Thus allowing Musk to regain his position as the world’s richest person.
During a single day of trading, the market volatility wiped out $11 billion from the 74-year-old Arnault’s net worth.
In December of the previous year, Arnault surpassed Musk when a surge in luxury goods sales boosted LVMH’s stock price. Additionally, a significant decrease in Tesla’s stock value worked in favor of the Frenchman.
Musk’s net worth fell below $200 billion in 2022 as investors sold off Tesla shares due to concerns that the company’s top executive and largest shareholder was overly focused on Twitter, which he acquired for $44 billion the previous year.
However, Musk’s net worth rebounded this year with gains totaling over $55.3 billion, thanks to a 66 percent rally in Tesla shares year-to-date. In the same period, Arnault’s worth increased by $24.5 billion, as reported by Bloomberg.
In addition to leading Tesla, Musk also heads the rocket company SpaceX and Neuralink, a company focused on neural technology.
