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Elon Musk Surpasses Luxury Tycoon Bernard Arnault, Becomes World’s Richest Person

Elon Musk has again retained the title of world’s richest person after shares of Bernard Arnault's LVMH fell 2.6% in Paris trading.

Outlook Web Desk

Updated on: 1 June 2023 2:43 am

Twitter CEO Elon Musk

Elon Musk has retained the title of world's wealthiest person.

Musk, who is ?Tesla Inc. chief executive officer surpassed luxury tycoon Bernard Arnault on Wednesday after shares of Arnault's LVMH fell 2.6% in Paris trading, according to the Bloomberg report.

It said Musk and the 74-year-old Frenchman have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world's 500 richest people.

It added Arnault first surpassed Musk in December as the tech industry struggled and luxury showed resilience in the face of inflation.?

LVMH, which Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy, it said.

It satted faith in the luxury sector's buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China. LVMH shares have tumbled about 10% since April, at one point wiping $11 billion from Arnault's net worth in a single day.

Musk, meanwhile, has gained more than $55.3 billion this year, largely due to Tesla. The Austin-based automaker — which comprises 71% of his fortune — has rallied 66% year-to-date. Musk's fortune is now valued at about $192.3 billion, according to the index, while Arnault's is about $186.6 billion, it said.
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