Elon Musk has retaken the title of world’s wealthiest individual.
The Tesla chief executive officer surpassed luxury tycoon Bernard Arnault on Wednesday just after shares of Arnault’s LVMH fell two.six% in Paris trading.
Musk and the 74-year-old Frenchman have been neck-and-neck for the prime spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest folks.
Arnault initial surpassed Musk in December as the tech business struggled and luxury showed resilience in the face of inflation. LVMH, which Arnault founded, owns brands such as Louis Vuitton, Fendi and Hennessy.
Faith in the luxury sector’s buoyancy is beginning to fade amid mounting indicators of slowing financial development, especially in the crucial industry of China. LVMH shares have tumbled about ten% due to the fact April, at 1 point wiping $11 billion from Arnault’s net worth in a single day.
Musk, meanwhile, has gained a lot more than $55.three billion this year, largely due to Tesla. The Austin-primarily based automaker — which comprises 71% of his fortune — has rallied 66% year-to-date. Musk’s fortune is now valued at about $192.three billion, according to the index, when Arnault’s is about $186.six billion.