Hyderabad: Elon Musk has managed to reclaim his title of the 'World's Wealthiest Person'. The Tesla CEO surpassed luxury brand tycoon Bernard Arnault after his LVMH shares fell 2.6 per cent in Paris trading on Wednesday. Musk has been battling for the top spot with the 74-year-old Frenchman this year in the Bloomberg Billionaires Index which lists the 500 richest people in the world. In December, as the tech industry suffered for a bit and luxury brands showed resilience in the face of inflation, Arnault managed to surpass Musk. Bernard Arnault-owned LVMH owns luxury brands such as Louis Vuitton, Hennessy and Fendi.
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Tesla stocks saw a two-year drop in November 2022, when its share price fell to $167.87, which was the lowest since November 2020. Mounting signs of slowing economic growth have managed to shake people's faith in the luxury sector, especially in China, which is considered a critical market. The LVMH shares have seen a downfall of about 10 per cent since April 2023, which wiped out around $11 billion from Arnaults's net worth in a day.
Meanwhile, Musk gained more than $55.3 billion due to Tesla in the year 2023. The Austin-based automaker, which comprises 71 per cent of Musk's fortune, has rallied 66 per cent year-to-date. According to the Bloomberg Billionaires Index, Musk's net worth is now valued at around $192.3 billion, and Arnault's net worth is around $186.6 billion. Amazon founder Jeff Bezos stands as the world's third-richest person valued at around $144 billion, according to the index.
