Elon Musk has once again become the wealthiest person in the world, surpassing luxury tycoon Bernard Arnault.
This shift in rankings occurred on Wednesday when shares of Arnault’s LVMH declined by 2.6% in Paris trading.
Throughout this year, Musk and the 74-year-old Frenchman have been closely competing for the top position in the Bloomberg Billionaires Index, which ranks the world’s 500 richest individuals.
In December, Bernard Arnault overtook Elon Musk in wealth as the technology industry faced challenges while the luxury sector demonstrated resilience despite inflation.
Arnault, the founder of LVMH, a conglomerate that owns prestigious brands like Louis Vuitton, Fendi, and Hennessy, enjoyed this advantage for some time. However, doubts regarding the luxury sector’s ability to sustain its strength have emerged due to signs of economic growth slowdown, especially in China.
As a result, LVMH shares have fallen approximately 10% since April, causing Arnault’s net worth to decrease by $11 billion in a single day at one point.
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.
