Elon Musk has once again become the wealthiest individual globally, surpassing Bernard Arnault, the head of luxury goods conglomerate LVMH, and reclaiming his title as the world’s richest person.
Since January, the net worth of Mr. Musk has experienced an impressive surge of $55.3 billion (£44.44 billion) to reach a total of $192 billion, primarily driven by the increased value of his electric car company, Tesla.
On the other hand, Mr. Arnault’s fortune has encountered a decline of $24.5 billion, resulting in his net worth now standing at $187 billion, according to Bloomberg’s Billionaires Index.
Taking second place on the list is Jeff Bezos, followed by Bill Gates in third and fourth positions, respectively.In December, Mr. Arnault, aged 74, surpassed Mr. Musk, aged 51, on the rich list when shares in LVMH surged due to the rebound in demand for luxury goods.
Shares in Tesla, the company from which Mr. Musk derives most of his wealth, initially fell sharply amid concerns that his takeover of the social media platform Twitter was affecting his leadership. However, Tesla shares have since experienced a significant rebound, surging by almost 92% since the beginning of this year. Investor nerves have eased, and Mr. Musk has announced his replacement as the CEO of Twitter, contributing to the recovery.
During his recent visit to China to discuss Tesla, excitement was sparked, and the car firm is capitalizing on the growing interest in artificial intelligence. On the other hand, LVMH, the conglomerate that owns renowned brands such as Louis Vuitton and Christian Dior, has encountered a reverse in fortune. Despite reaching a record high in April, its shares have sharply declined, experiencing a 16% decrease since the start of the year.
Mr. Arnault, who co-founded the luxury goods giant in 1987, holds a majority stake in the business, making it Europe’s most valuable firm. In January, as part of a shake-up at LVMH, he appointed his daughter Delphine Arnault, 47, as the head of his fashion house, Dior. All five of Mr. Arnault’s children currently hold management positions at various brands within the group.
According to Bloomberg, Amazon founder Jeff Bezos holds the title of the world’s third richest person, with a fortune of $146 billion. Meanwhile, Mr. Gates, who co-founded Microsoft, boasts a net worth of $126 billion.