Elon Musk regains world’s richest title as Tesla value soars, Arnault slips
Tesla CEO Elon Musk has once again become the world’s wealthiest individual, surpassing LMVH founder Bernard Arnault. Musk’s net worth increased by US$55.3 billion since January, reaching US$192 billion, primarily due to the rising value of his electric car company, Tesla. Meanwhile, Arnault’s fortune dropped by US$24.5 billion to US$187 billion, according to Bloomberg’s Billionaires Index. Jeff Bezos and Bill Gates currently hold the third and fourth positions, respectively.
In December, Arnault, 74 years old, had surpassed Musk, 51 years old, on the list of the world’s richest people when LMVH shares increased as demand for luxury goods rebounded. Concurrently, Tesla shares experienced a significant decline amid concerns that Musk’s acquisition of Twitter was affecting his leadership. However, Tesla shares have recovered, increasing by nearly 92% since the beginning of the year as investor concerns have subsided and Musk announced his successor as Twitter CEO.
Musk’s recent visit to China to discuss Tesla has also generated excitement, and the company is benefiting from the growing interest in artificial intelligence. In contrast, LMVH, which owns brands such as Louis Vuitton and Christian Dior, has seen its shares decrease. After reaching a record high in April, the company’s shares have dropped and are now down 16% since the start of the year. Arnault, who co-founded the luxury goods giant in 1987, holds a majority stake in the company, which is currently Europe’s most valuable firm.
In January, Arnault appointed his daughter, Delphine Arnault, 47 years old, as the head of his fashion house Dior, as part of a reorganisation at LMVH. All five of Arnault’s children hold management positions within the group’s various brands. Bloomberg reports that Amazon founder Jeff Bezos is the world’s third-richest person with a fortune of US$37.3 billion, while Microsoft co-founder Bill Gates is worth US$16.2 billion.
