Friday, June 02, 2023
Tech billionaire and CEO of SpaceX has assumed the throne of the world’s richest man once again pulling the chief of luxury goods behemoth LVMH, Bernard Arnault, down to the second.
Musk’s net worth soared by $55.3 billion since January to $192 billion, after the worth of his company Tesla increased.
According to Bloomberg’s Billionaires Index, Arnault's fortune decreased by $24.5 billion to $187 billion. Jeff Bezos and Bill Gates are in the third and fourth positions respectively.
74-year-old LVMH boss overtook 51-year-old Musk on the list of the world’s wealthiest men in December when shares in LVMH jumped as demand for luxury goods rebounded.
The stock prices of Musk’s Tesla fell drastically over the concerns of his investors that his takeover of the social media platform Twitter was affecting his leadership which he acquired last year for $44 billion.
But the stock prices regained their value by almost 92% since this year started as investors’ nerves have eased and CEO Tesla Musk announced that he was stepping down from Twitter’s chief executive role.
His recent trip to Beijing also provided a stimulus to the excitement of Tesla shareholders while the electric vehicle firm is benefiting from the rise in interest in artificial intelligence (AI).
On the contrary, the owner of Louis Vuitton and Christian Dior reversed.
The shares of the company fell sharply and are down 16% since the start of the year, after hitting a record high in April.
Arnault, who co-founded the luxury goods giant in 1987, owns a majority stake in the business, which is Europe's most valuable firm.
The French national appointed his 47-year-old daughter Delphine as head of his fashion house Dior as part of a shake-up at LVMH.
Arnault's five children hold key positions at brands in the group.
According to Bloomberg, Amazon founder Jeff Bezos is the world's third richest person with a fortune of $146bn. Gates, who co-founded Microsoft, is worth $126bn.