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Saturday, September 30, 2023

Elon Musk reclaims title of world’s richest person, surpassing Bernard Arnault of LVMH

Elon Musk has once again claimed the prestigious title of the world’s wealthiest person. This notable achievement came as shares of luxury tycoon Bernard Arnault’s LVMH experienced a decline of 2.6% during Paris trading on Wednesday.

Throughout this year, Musk and the 74-year-old Frenchman had been engaged in a close battle for the top position in the Bloomberg Billionaires Index, which ranks the 500 richest individuals globally.

In December, Arnault initially surpassed Musk as the tech industry faced challenges, while the luxury sector displayed resilience in the face of inflation. Arnault, the founder of LVMH, boasts ownership of renowned brands such as Louis Vuitton, Fendi, and Hennessy.

However, confidence in the luxury sector’s enduring strength has started to wane due to growing indications of economic slowdown, particularly in China, a critical market. Since April, LVMH shares have witnessed a decline of around 10%, resulting in a significant reduction of $11 billion in Arnault’s net worth on a single day.

Meanwhile, Musk’s fortunes have soared, accumulating a staggering $55.3 billion in gains this year, largely attributed to the success of Tesla. The Austin-based automaker, accounting for approximately 71% of Musk’s wealth, has witnessed a remarkable 66% year-to-date rally. As per the Bloomberg Billionaires Index, Musk’s fortune is now estimated at around $192.3 billion, while Arnault’s stands at approximately $186.6 billion.

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