Elon Musk has reclaimed his title as the world’s richest person, knocking the boss of luxury goods giant LMVH, Bernard Arnault, off the top spot.
His net worth has soared by $55.3bn (£44.44bn) since January to $192bn (£153.24bn), after a rise in the value of his electric car company Tesla.
Mr Arnault’s fortune has fallen by $24.5bn (£19.55bn) to $187bn (£149bn), per Bloomberg’s Billionaires Index.
He is followed by Jeff Bezos and Bill Gates in the third and fourth positions.
Mr Arnault, 74, had overtaken Mr Musk, 51, on the rich list in December when shares in LMVH jumped as demand for luxury goods rebounded.
At the same, shares in Tesla – the company from which Mr Musk derives most of his wealth – fell sharply amid concerns that his takeover of the social media platform Twitter was affecting his leadership.
However, Tesla shares have bounced back by almost 92% since the start of this year as investor nerves have eased and Mr Musk has announced his replacement as Twitter’s chief executive.
His visit to China this week to discuss Tesla has also sparked excitement, while the car firm is benefiting from the recent rise in interest in artificial intelligence.
By contrast, LMVH – which owns brands including Louis Vuitton and Christian Dior – has gone into reverse.
After hitting a record high in April, its shares have fallen sharply and are down 16% since the start of the year.
Mr Arnault, who co-founded the luxury goods giant in 1987, owns a majority stake in the business, which is Europe’s most valuable firm.
In January the Frenchman appointed his daughter Delphine Arnault, 47, as head of his fashion house Dior as part of a shake-up at LMVH.
All five of Mr Arnault’s children hold management positions at brands in the group.
According to Bloomberg, Amazon founder Jeff Bezos is the world’s third richest person with a fortune of $37.3bn. Mr Gates, who co-founded Microsoft, is worth $16.2bn.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policies of Homebase Television Ltd.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
