Elon Musk is Once Again the World’s Richest Man
Elon Musk has regained his position as the wealthiest individual in the world, according to the latest Bloomberg Billionaires tally.
With an estimated net worth of approximately $192 billion, the CEO of Tesla (TSLA) has surpassed the CEO of LVMH (LVMHF), Bernard Arnault, who currently holds a net worth of around $187 billion.
Musk and Arnault, both centibillionaires with fortunes exceeding $100 billion, have been closely competing for the top spot for several months.
However, Arnault’s wealth experienced a decline this week following a drop in LVMH’s stock on Wednesday, as per Bloomberg calculations.
In December, Arnault temporarily surpassed Musk as his wealth surged due to a remarkable increase in luxury goods sales, significantly boosting LVMH’s stock price.
LVMH, renowned as one of the world’s largest conglomerates, encompasses prestigious brands such as Louis Vuitton, Dior, and Celine.
Musk’s ascent in the global wealth rankings has been extraordinary in recent years, primarily driven by the success of Tesla, the electric automaker. His significant ownership stake in Tesla, approximately 13% as reported by Bloomberg, constitutes his most valuable asset.
Apart from his involvement with Tesla, Musk serves as the CEO of SpaceX, a groundbreaking space exploration company, and holds ownership of the social network Twitter (TWTR).
In terms of stock performance, LVMH’s shares have risen by 19.7% this year, while Tesla’s stock has witnessed a substantial increase of 65.6% year to date.
