Elon Musk has once again become the world’s richest person. The Tesla CEO surpassed Bernard Arnault after shares of latter’s LVMH tumbled 2.6 per cent in Paris trading.
As per Bloomberg , Elon Musk’s total net worth now stands at $192.3 billion, while Bernard Arnault’s assets stood at $186.6 billion.
Musk and luxury tycoon Arnault have been neck-and-neck this year for the top spot in the Bloomberg Billionaires Index that lists the world’s 500 richest people.
How Elon Musk once again became world’s richest person?
Wealth of Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, slid this week after a 2.6 per cent drop in LVMH’s stock in Paris trading on Wednesday. This worked in favour of Musk.
The drop in LVMH’s shares pushed Arnault’s networth down and in turn helped Musk to reclaim his position of the world’s richest person.
There was a point in trading when the volatility in market wiped out $11 billion from the 74-year-old Arnault’s net worth in a single day.
When did Arnault surpassed Musk?
In December last year, Arnault surpassed Musk after his wealth climbed due to a boom in sales of luxury goods which pushed up LVMH’s stock price.
Also, a steep drop in value of Tesla’s stock worked in favour of the Frenchman.
Musk’s net worth dropped below $200 billion in 2022 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker was more preoccupied with Twitter, which he bought last year for $44 billion.
However, Musk’s networth rebounded this year with gains valued at over $55.3 billion, as Tesla shares rallied 66 per cent year-to-date. Meanwhile, Arnault worth gained $24.5 billion year-to-date, Bloomberg report said.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink.
With inputs from agencies
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