Elon Musk overtakes Bernard Arnault to reclaim ‘world’s richest man’ tittle

Elon Musk has surpassed Bernard Arnault, a renowned French fashion icon, to claim the title of the world’s wealthiest individual.

The Bloomberg Billionaires balance sheet reveals that Elon Musk’s net worth now stands at approximately $192 billion, while Bernard Arnault, the CEO of LVMH, holds a net worth of $187 billion.

Both individuals, known as “centi-billionaires” due to their wealth exceeding $100 billion, had been engaged in fierce competition for the top position for several months.

Bernard Arnault experienced a decline in his fortune this week as LVMH shares plummeted on Wednesday, according to calculations made by the Bloomberg Billionaires Index.

In December, Arnault surpassed Musk as his wealth soared alongside the luxury sales boom, contributing to LVMH’s increased stock value. LVMH, a global powerhouse, encompasses prestigious brands like Louis Vuitton, Dior, and Celine.

In contrast, Musk’s wealth is directly linked to the success of his electric car company, Tesla, which propelled him to great heights on the billionaire rankings in recent years.

His primary asset is his stake in Tesla’s stock, accounting for approximately 13% of the company, as reported by Bloomberg.

In addition to Tesla, Musk serves as the CEO of SpaceX, a space exploration company, and is the owner of the social networking platform, Twitter.

While LVMH shares have risen by 19.7% year-to-date, Tesla shares have experienced a substantial increase of 65.6% during the same period. On Wednesday, Tesla’s shares concluded trading at $203.93, marking a 1.38% increase.

Taking a step back, it’s worth noting that Tesla’s stock hit a two-year low in November, dropping to $167.87, its lowest point since November 2020.

This decline was partially attributed to a drop in stock price that ensued following Musk’s acquisition of Twitter.

On Thursday, Elon Musk concluded his prominent visits to Shanghai, where he engaged with several Chinese officials, including Foreign Minister Qin Gang.

Analysts interpret Musk’s visit as an indication of China’s significance as a market for Tesla, particularly during a period of heightened tensions between the United States and China.

During his stay, Musk aimed to ensure China’s continued openness to foreign companies and to secure a favourable business environment.

Additionally, he reportedly announced plans for further expansion in China, underscoring the country’s importance in Tesla’s growth strategy.