World's Richest Man: Elon Musk, the CEO of Tesla Inc, has reclaimed his title as the world's richest man. On Wednesday, Musk surpassed Bernard Arnault as the wealthiest individual, as Arnault's LVMH shares experienced a 2.6% decline in Paris trading.
Throughout this year, Musk and the 74-year-old Frenchman have been engaged in a close competition for the top position on the Bloomberg Billionaires Index, which ranks the world's 500 wealthiest individuals.
Elon Musk's incredible earnings from Tesla have propelled his wealth to new heights, as reported by Bloomberg. Over the course of a year, Musk has accumulated a staggering $55.3 billion, bringing his total assets to a remarkable $192.3 billion.
In contrast, the shares of LVMH, the parent company of Louis Vuitton, which was founded by Bernard Arnault, have experienced a significant decline of 10% since April.
Consequently, Arnault's wealth has dwindled to $186.6 billion, causing him to slip into second place on the list of the world's wealthiest individuals.
LVMH boasts prestigious brands such as Louis Vuitton, Fendi, and Hennessy.
In a turn of events, Bernard Arnault had surpassed Elon Musk for the first time in December. However, the tech industry experienced a rollercoaster ride with numerous ups and downs, greatly impacting Musk's fortunes.
Simultaneously, signs of sluggish economic growth, particularly in the crucial Chinese market, have dampened prospects for a luxury industry boom.
As a consequence, LVMH shares have witnessed a nearly 10% decline since April, leading to a staggering $11 billion reduction in Arnault's net worth in a single day.
