Elon Musk has once again become the world's wealthiest person, surpassing luxury tycoon Bernard Arnault. The shift occurred after shares of Arnault's LVMH dropped in Paris trading. Musk and Arnault have been in a close race for the top spot on the Bloomberg Billionaires Index this year. While Arnault briefly overtook Musk in December, recent signs of economic slowdown, especially in China, have impacted the luxury sector. Musk's wealth has soared primarily due to the success of Tesla, with his fortune now valued at approximately $192.3 billion, compared to Arnault's $186.6 billion, stated reports.
Arnault's Luxury Empire Faces Challenges
Bernard Arnault, the 74-year-old French businessman, is the founder of LVMH, a conglomerate that includes renowned luxury brands like Louis Vuitton, Fendi, and Hennessy. However, mounting signs of economic slowdown, particularly in China, began to erode confidence in the luxury sector. LVMH shares have experienced a decline of around 10% since April, leading to a significant drop in Arnault's net worth, a report stated.
Musk's Fortune Soars with Tesla
On the other hand, Elon Musk's wealth has seen a remarkable increase of over $55.3 billion this year, primarily driven by the success of Tesla. The Austin-based automaker, which constitutes 71% of Musk's fortune, has seen a 66% rally in its shares year-to-date. This exceptional performance has propelled Musk back to the position of the world's wealthiest person, with a fortune currently valued at approximately $192.3 billion.
The Battle for Wealth Continues
The Bloomberg Billionaires Index has witnessed a neck-and-neck race between Musk and Arnault, both vying for the title of the world's wealthiest person. While Arnault had briefly surpassed Musk in December, recent challenges in the luxury sector, compounded by slowing economic growth, have affected Arnault's net worth. Musk's resilient performance with Tesla has propelled him back to the top spot.