Elon Musk, the CEO of Tesla, has overtaken Bernard Arnault, the French-born fashion icon and CEO of LVMH, to become the world’s richest person. As per the Bloomberg Billionaires Index, Musk’s estimated net worth stands at a staggering $192 billion, while Arnault’s net worth is valued at $187 billion.
This shift in rankings comes as LVMH shares experienced a decline during the week, causing a dent in Arnault’s fortune. Previously, Arnault had surpassed Musk in December, thanks to the success of LVMH’s luxury sales, which contributed to an increase in the company’s share price. LVMH, known for prestigious brands such as Louis Vuitton, Dior, and Celine, is one of the largest companies globally.
Musk’s wealth is primarily tied to Tesla, an electric car manufacturer, and his significant ownership stake in the company. Over the years, Tesla’s stock has witnessed substantial growth, propelling Musk’s ascent on the billionaire list. Apart from Tesla, Musk also heads SpaceX, a prominent space exploration company, and owns the popular social media platform Twitter.
While LVMH shares have seen a year-to-date increase of 19.7%, Tesla shares have surged by an impressive 65.6% in the same period. The recent trading session saw Tesla’s shares close at $203.93, marking a 1.38% rise.
Looking back, Tesla faced a challenging period in November when its stock hit a two-year low at $167.87, partly due to a drop in stock prices following Musk’s acquisition of Twitter. However, the company has managed to rebound since then. Musk’s visit to China, where he met with Chinese officials, including Foreign Minister Qin Gang, signifies the importance of the Chinese market for Tesla amid ongoing tensions between the United States and China.
During his visit, Musk aimed to assure Chinese authorities of Tesla’s commitment to doing business in the country and expanding its operations further. The trip highlights the significance of China as a key market for Tesla, underscoring Musk’s efforts to strengthen the company’s presence and capitalize on growth opportunities.
As Elon Musk attains the title of the world’s richest person, it showcases his remarkable entrepreneurial journey and the remarkable success he has achieved with Tesla, SpaceX, and his other ventures. The ongoing competition between Musk and Arnault for the top spot further emphasizes the dynamic nature of global wealth rankings.