Elon Musk Reclaims Top Spot as the World's Richest Man at Almost $200 Billion

Elon Musk Reclaims Top Spot as the World's Richest Man at Almost $200 Billion
Cover Image Source: Getty Images | Photo by Justin Sullivan

Elon Musk has secured the position of the world's wealthiest individual, as indicated by the Bloomberg Billionaires Index. The latest update reveals that he has surpassed luxury magnate Bernard Arnault, whose net worth experienced a decline of 5.25 billion, per Marca. After experiencing a 2.6% decline in the shares of Bernard Arnault's LVMH during Paris trading, his net worth dropped to $187 billion.

On the other hand, Elon Musk observed a significant increase in his net worth, reaching $192 billion with a rise of nearly 2 million. Throughout the year, these two billionaires have been in close competition for the leading position in the billionaires' index.

Cover Image Source: (L) Getty Images | Photo Drew Angerer, (R) Getty Images | Photo by Saul Martinez
Image Source: Getty Images | (L) Photo by Drew Angerer ; (R) Photo by Saul Martinez

 

According to BBC, in December, at the time when demand for luxury goods rebounded and shares in LVMH surged, 74-year-old Bernard Arnault surpassed 51-year-old Elon Musk on the list of the wealthiest individuals. However, during the same period, concerns regarding Elon Musk's leadership, prompted by his involvement in the acquisition of the social media platform Twitter, led to a sharp decline in Tesla's shares.

Elon Musk's wealth is closely tied to the stock price of Tesla, the electric car manufacturer, as he holds approximately 13% ownership of the company. Since the beginning of the year, Tesla's shares have surged by 92%. Additionally, excitement has been generated by Mr. Musk's recent visit to China to discuss Tesla, and the car company is capitalizing on the growing interest in artificial intelligence, which is further benefiting its performance.

Cover Image Source: Getty Images | Photo by Robyn Beck-Pool
Image Source: Getty Images | Photo by Robyn Beck-Pool

 

In contrast, LVMH encompasses prestigious brands such as Louis Vuitton and Christian Dior, and it has experienced a downturn. Following its peak in April, the company's shares have significantly declined, currently standing at a 16% decrease since the beginning of the year.

Bernard Arnault co-founded the LVMH group in 1987 and holds a majority stake in the business, making it Europe's most valuable company. In January, 48-year-old Delphine Arnault, Bernard's daughter, was appointed as the head of Dior, a fashion house under the LVMH umbrella, as part of a restructuring effort within the organization. Notably, all five of Mr. Arnault's children hold management roles in various brands within the group.

Image Source: Getty Images | Photo by Pascal Le Segretain
Image Source: Getty Images | Photo by Pascal Le Segretain

 

The Bloomberg Billionaires Index showcases the global rankings of the wealthiest individuals. According to the index, Jeff Bezos holds a net worth of $144 billion, followed by Bill Gates with $125 billion. Larry Ellison, the founder of Oracle, follows with a net worth of $118 billion.

Warren Buffet is positioned as the seventh richest person worldwide, while Mark Zuckerberg occupies the tenth spot on the billionaires' list. The index also provides daily updates on the rankings and other comprehensive details. These figures are regularly updated at the end of each trading day in New York.

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