Elon Musk reclaimed title of world’s richest man
The rise in Tesla stock prices and the slowdown in the growth of sales of luxury goods enabled Elon Musk to return to the first line of the ranking of the richest people on the planet – as reported by Bloomberg
The CEO of Tesla and SpaceX outperformed luxury goods maker Bernard Arnault, after LVMH shares fell 2.6 percent in Paris trading. The Frenchman overtook Musk for the first time in December, when the tech industry struggled and luxury goods sales showed resilience in the face of inflation. LVMH, founded by Arnault, owns brands such as Louis Vuitton, Fendi and Hennessy. That changed in April, when LVMH shares fell about 10 percent, at one point the French manufacturer’s net worth fell by $11bn in a single day.
Meanwhile, Musk made more than $55.3bn in 2023, mostly thanks to Tesla. According to the index, his net worth is now estimated at about $192.3bn, while Arnault’s net worth is about $186.6bn.
