Once again, Musk tops the list of the richest, surprising all
As per NDTV News, Musk has once again re-taken the title of the world’s wealthiest person. He is the Chief Executive Officer of Tesla Inc. which eclipsed luxury magnate Bernard Arnault on Wednesday following a 2.6% decline in Arnault’s LVMH stock in the Paris moving market.
The 74-year-old Frenchman has been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest people. In December of last year, Musk overtook Arnault for the first time as the technological sector suffered and the luxury sector remained resilient in the face of inflation. In addition to owning the brands of Fendi, Hennessy, and Louis Vuitton, Arnault formed LMVH.
Amidst high-rise signs of slowing economic growth, faith in the luxury sector’s buoyancy is starting to get faded, mainly in the critical market of China. About 10% of shares of LMVH have been tumbled down since last April and at one point wiping $1 billion from Arnault’s net worth in a single day. Musk has gained over $55.3 billion this year, largely from Tesla. This huge Austin-based automaker that comprises & 1% of his fortune has railed around 66% year-to-dates. The index estimates that Arnault‘s fortune is currently worth $186.6 billion, whereas Musk‘s fortune is currently worth approximately $192.3 billion.
Musk is known to be the runner of the world’s largest luxury brands that also include Celine, Tag Heuer and Tiffany. According to a Bloomberg Index, the head of Tesla and SpaceX has a total net worth of around $192 billion, compared to the French luxury tycoon’s $187 billion. Recently, the two millionaires have been fiercely vying for the top rank. The Tesla chief took back his position as number one in early March but then suddenly his shares of LVMH dropped by a tenth since April. In September 2021, Musk assumed control of this top position after Jeff Bezos, the founder of Amazon, stepped down.
The Tesla Titan’s wealth increased by about $55 billion this year as a result of his ownership of around 13% of the EV Company’s stock. According to reports of CNBC, the majority of Musk’s wealth comes from Tesla’s stock. Shares of this electric company rose 24 per cent in May, which led to him once again securing the crown position. Even so, Arnault is currently not far behind Musk, with a net worth Bloomberg Index of $187 billion. Jeff Bezoz is third on the list. During a recent two-day trip to Shanghai, Musk spoke with senior Chinese government officials, according to Reuters. He allegedly also spoke with Ding Xuexiang, Vice Premier of China. Despite China’s rocky relationship with America, CNBC reported that the visit indicates that Tesla sees the country as an important market.
The news of Musk securing the top position in the world the same week it was revealed that Twitter is worth only about a third of what he and his co-investors bought it for. In April, the company made headlines when a rocket exploded minutes after lifting off from a South Texas launch pad. In response to this, NASA Administrator Bill Nelson nevertheless congratulated the company on Twitter. Thus, Musk has successfully worked and paved his way to regain back his lost glamour since 2021.