Musk is the wealthiest person in the world, superseding French tycoon Bernard Arnault.
Elon Musk is now the world’s richest person based on updated data from the Bloomberg Billionaires Index. The CEO of Tesla climbed to the top of the rankings with a net worth of $199 billion as of June 4, 2023. So far, Musk gained more than $55.3 billion this year due to his automotive company, as reported by Fortune.
Meanwhile, the previous holder of the world’s wealthiest title—Bernard Arnault—has placed second in the newest rankings. The owner of luxury giant LVMH has a total net worth of $191 billion as of June 4. Arnault took the title from Musk last December 2022. This came after shares of Tesla dropped by one percent due to the latter’s $44 billion acquisition of Twitter.
Wins and Losses
The wealth gap between Arnault and Musk is a small one, as the two billionaires are often neck and neck in terms of fortune. That said, Arnault’s wealth decreased just last week due to a drop in LVMH stock. A declining luxury market in countries like the U.S. and China was the main cause of this fall. Although shares of the French luxury conglomerate rose by 19.7% this year, the stock rout resulted in a $11.2 billion loss for Arnault.
On the other hand, Tesla’s shares have risen considerably by 65.6% thus far, and comprise 71% of Musk’s fortune. What’s more, a two-day visit to Shanghai hinted at Musk’s plans to further expand Tesla’s business in China—a crucial market for the brand.
Only time will tell whether the newly-appointed richest man in the world will maintain his title by the end of this year, but things seem to be looking up for him.
Banner photo by NASA via Wikimedia Commons.