In a captivating back-and-forth rivalry, Elon Musk, the visionary CEO of Tesla and SpaceX, has once again secured his position as the world’s richest person. According to Forbes’ real-time billionaires list, Musk’s net worth surged by an impressive $4.1 billion on Monday, boosting it to an astronomical $240.7 billion, reclaiming the top spot from French luxury goods tycoon Bernard Arnault.
The key factor behind Musk’s swift rise to the number one seat was the soaring valuation of Tesla’s stock, which saw a 2.5% surge to just over $266 on Monday morning. This rebound came after a slight setback last week, triggered by the announcement of a seven-year loan financing offer for new Tesla customers.
Meanwhile, Bernard Arnault, the CEO of luxury goods conglomerate LVMH, found his net worth slipping by more than 1% ($2.4 billion) to $234.9 billion on the same day, as shares in LVMH experienced a decline. The dip allowed Musk to overtake him once again in the fiercely competitive billionaire rankings.
This recent victory follows a rollercoaster week for Musk, who had previously lost the title of the world’s richest person just a few days prior, due to a considerable $18 billion loss in Tesla’s stock value. The drop was a result of an underwhelming quarterly earnings report that led to Tesla’s stock plummeting nearly 10%.
Despite the financial fluctuations, Musk remains undeterred in his ambitions. In October, he made headlines with his monumental $44 billion acquisition of Twitter, making a bold move in the world of social media. Recently, Musk unveiled a long-awaited rebrand of the platform, changing its iconic blue bird logo to the letter “X” and redirecting the domain X.com to the site. For Musk, the letter “X” holds special significance, representing his space technology company and as a model of Tesla.
In the current billionaire rankings, Musk’s closest competitors are still formidable. Behind him stands the former world’s richest person and Amazon founder, Jeff Bezos, with a net worth of $151.9 billion. In third place is Bernard Arnault, the man Musk surpassed, with a net worth of $234.9 billion.
Other prominent figures include Larry Ellison, founder of Oracle, with a net worth of $148.1 billion, Microsoft’s co-founder Bill Gates at $120.6 billion, Warren Buffet, CEO of Berkshire Hathaway, with $117.3 billion, and former Microsoft CEO Steve Ballmer, worth $104.9 billion.
Despite their intense competition, Musk and Arnault recently demonstrated a spirit of camaraderie by meeting for lunch at a luxurious hotel owned by LVMH Moët Hennessy Louis Vuitton in Paris. Arnault spoke highly of Musk, expressing admiration for him as an exceptional entrepreneur, a sentiment that highlights the mutual respect between the two.
At 52 years old, Musk’s journey to becoming the world’s richest person has been nothing short of extraordinary. With his relentless drive and innovative mindset, he continues to redefine industries and leave an indelible mark on the world. As the battle for the top spot in the billionaire rankings wages on, the business world eagerly watches to see who will emerge victorious in this captivating saga of wealth and influence.
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