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HomeInternationalShuffling Seats: Musk Retakes Richest Title as Tesla Thrives and LVMH Falters

Shuffling Seats: Musk Retakes Richest Title as Tesla Thrives and LVMH Falters

Elon Musk has managed to regain his position as the world’s richest person, edging out Bernard Arnault, due to a recent boost in Tesla’s stock value and a slump in LVMH shares.

Wednesday saw a reordering of the world’s wealthiest as LVMH shares dipped nearly 3% in Paris trading, as shown by the Bloomberg Billionaires Index.

This drop translated into a whopping $5 billion shave off Arnault’s personal fortune, while Musk’s wealth enjoyed an almost $2 billion uplift on the back of modest gains for Tesla.

As a billionaire who first secured the world’s richest title in January 2021, Musk has been engaged in a wealth-tug-of-war with Arnault and Amazon’s Jeff Bezos ever since. Bloomberg’s latest data shows that Musk’s net worth now stands at an impressive $192 billion.

This recent wealth surge comes on the heels of Tesla’s share price experiencing a significant 26% uptick in May. Investors flocked to the stock with the belief that Musk would now dedicate more of his time to managing the electric vehicle giant following his appointment of Linda Yaccarino as Twitter’s new CEO.

Conversely, Arnault’s LVMH suffered a 6% hit last month, as European luxury brands found themselves grappling with the fear of a potential US spending slowdown that could impact their profitability in the coming months.

Despite this setback, Arnault, boasting a net worth of $187 billion according to Bloomberg, retains a comfortable second place in the global wealth rankings, ahead of Bezos’ $144 billion.

The remaining slots in the top 10 list are filled by high-profile figures such as Bill Gates, Oracle CTO Larry Ellison, former Microsoft CEO Steve Ballmer, investment tycoon Warren Buffett, Google co-founders Larry Page and Sergey Brin, and Meta Platforms’ leader Mark Zuckerberg.

This reshuffling of the worlds richest reminds investors and entrepreneurs alike of the volatile nature of fortunes and the rapid change dynamics at the highest echelons of global wealth.