Elon Musk has again become the world’s richest person after shares of Bernard Arnault LVMH fell in Paris trading, according to Bloomberg.
Musk and Arnault have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index.
The Tesla Inc. chief executive officer surpassed luxury tycoon Bernard Arnault on Wednesday May 31, after shares of Arnault’s LVMH fell 2.6% in Paris trading.
Arnault, the 74-year-old French business tycoon had first surpassed Musk in December last year as the tech industry was struggling and luxury showed resilience in the face of inflation.
He established LVMH, one of the biggest companies in the world, and is the owner of high-end labels including Louis Vuitton, Dior, and Hermes.
CNN reports that whereas shares of LVMH are down 19.7%, those of Tesla have increased 65.6% so far this year. Mostly as a result of Tesla, Musk has made more than $55.3 billion this year.
While Forbes’ The Richest People In The World list currently places Musk in second place with a net worth of $180 billion and Arnault in first place with an astounding net worth of $211 billion, Bloomberg has moved Musk to the top spot.
The Bloomberg news agency reports that there are growing indications of sluggish economic development, notably in the pivotal market of China, and that confidence in the luxury sector’s resilience is beginning to wane. Since April, LVMH stock has lost nearly 10% of its value, which at one time reduced Arnault’s net worth by $11 billion in a single day.
Elon Musk, meanwhile, has profited this year to the tune of more than $55.3 billion, mostly because to Tesla Inc. The Austin-based manufacturer, which accounts for 71% of his wealth, has increased 66% so far this year.
Elon Musk’s fortune is currently estimated to be worth around $192.3 billion, whereas Arnault’s is estimated to be worth about $186.6 billion, per the Bloomberg Billionaire Index.
