Elon Musk is indeed the richest person in the world
Elon Musk has regained his position as the richest person in the world.
That contrasts with Bernard Arnault, CEO of LVMH (LVMHF), whose net worth is estimated to be $187 billion, according to a Bloomberg Billionaires tally.
For months, the two centimillionaires, who have a combined wealth of more than $100 billion, have been fighting for the top spot.
According to calculations made by Bloomberg, the decline in LVMH’s stock on Wednesday caused Arnault’s wealth this week to fall.
As a result of a surge in sales of luxury goods that contributed to the rise in the price of LVMH’s stock, Arnault became wealthier than Musk in December. Louis Vuitton, Dior, and Celine are among the brands that are owned by LVMH, one of the largest conglomerates in the world.
In contrast, Musk’s fortunes are directly linked to those of Tesla, the electric car manufacturer, which has led to his meteoric rise to the top of the world’s rich lists in recent years. His greatest resource is the organization’s stock, of which he claims around 13%, as per Bloomberg.
Beyond Tesla, Musk is likewise CEO of SpaceX, the space exploration firm, and the owner of social network Twitter (TWTR).
This year, shares of LVMH are up 19.7%, while Tesla shares are up 65.6% so far this year.