Elon Musk, the renowned CEO of Tesla, has reclaimed his position as the wealthiest individual on the planet, surpassing luxury tycoon Bernard Arnault following a significant drop in the value of Arnault’s LVMH shares.
As reported by Bloomberg, the trading of Arnault’s LVMH stocks witnessed a decline of 2.6 percent in Paris on Wednesday. Over the past few months, the market value of LVMH has experienced a substantial decrease of around 10 percent.
This downturn had a profound impact on the net worth of the 74-year-old Frenchman, as he suffered a staggering loss of $11 billion in a single day due to market volatility.
Bernard Arnault, who currently holds the position of CEO at LVMH, the parent company of renowned luxury brand Louis Vuitton, had surpassed Elon Musk as the world’s richest individual back in December 2022. This shift in rankings occurred when Tesla faced a significant decline in its overall value.
Last year, Elon Musk experienced a decline in his net worth, dropping below $200 billion, as investors began selling off Tesla shares due to concerns that the CEO and largest shareholder of the world’s most valuable electric-vehicle maker was excessively focused on Twitter, a platform he acquired for $44 billion.
However, Musk made a strong comeback this year, with gains exceeding $55.3 billion. Bloomberg reported that Tesla’s impressive rally of 66 percent year-to-date contributed to his resurgence.
As a result, his current fortune is estimated to be around $192.3 billion, according to the Bloomberg Billionaires Index. In comparison, Bernard Arnault holds the second position with a valuation of approximately $186.6 billion.
In addition to his role at Tesla, the 51-year-old Musk also leads SpaceX, a company specializing in rocket technology, and Neuralink, a startup focused on developing high-bandwidth brain-machine interfaces that aim to establish a direct connection between the human brain and computers.
Thanks for reading till the end. Comment what’s your thought about Elon Musk.
- Elon Musk Revealed His Insane Plans To Spend His Mega FORTUNE!
- PR firm sues Twitter for not paying bills after Elon Musk’s takeover
- Elon Musk says he doesn’t plan to give his kids control of his companies
- Elon Musk pokes Jack Dorsey in latest Twitter exchange