Elon Musk displaced Arnault and became the richest in the world again

Elon Musk displaced Arnault and became the richest in the world again

Musk outperformed luxury magnate Bernard Arnault after LVMH shares have been falling of late amid doubts surrounding the luxury sector.

The CEO of Tesla and Twitter, Elon Musk He was once again the richest person in the world, according to Bloomberg Billionaires Index. Musk’s fortune is valued at about $192.3 billion.

Musk outperformed to luxury magnate Bernard Arnault after the actions of LVMH have been falling lately amid the doubts that have arisen around the luxury sector.

Musk and the 74-year-old Frenchman have spent the whole year ‘side by side’ at the top of the Bloomberg Billionaires Index, a list of the 500 richest people in the world.

Arnault first outperformed Musk in December, when the tech sector was struggling and luxury was resilient to inflation. LVMH, founded by Arnault, owns brands such as Louis Vuitton, Fendi and Hennessy.

bernard arnault

Faith in the luxury sector’s boom is beginning to fade amid growing signs of slowing economic growth, especially in China, a critical market. LVMH shares have plunged 10% since April. Deutsche Bank published a report on the sector last week that caused sharp falls in it.

Musk, for his part, has made more than $55.3 billion this year, thanks in large part to Tesla. The Austin-based automaker, which accounts for 71% of its fortune, has appreciated 66% so far this year. Musk’s fortune is now valued at about $192.3 billion, according to the index, while Arnault’s is around $186.6 billion.

Source: Ambito

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