Tesla and Twitter CEO Elon Musk has reclaimed his position as the richest man in the world.
Musk’s net worth increased by 40.3% this year, which has seen him currently worth $192 billion after shares of his electric automaker Tesla rose about 24% in May. Also on Wednesday, 31, 2023, shares of Tesla traded at $203.93.
The Tesla billionaire who reportedly earned over $1 billion in the last 24 hours, dethroned the CEO of LVMH Bernard Arnault who is worth $187 billion, from the first position, after occupying the second spot for over six months.
A decline in the net worth of Arnault can be attributed to the loss of $11.2 billion, which he reportedly lost in one day. The stock blow is said to be the biggest the company has seen in over a year. According to Bloomberg, the stock’s fall caused the European Luxury sector to be slashed by roughly $30 billion.
Recall that Arnault surpassed Musk in December last year, after his wealth increased due to a boom in luxury goods sales that helped drive up LVMH’s, stock price. LVMH, one of the world’s biggest conglomerates, is home to brands including Louis Vuitton, Dior, and Celine.
Musk on the other hand, has enjoyed a meteoric rise up the world’s rich lists in recent years as the majority of his fortunes are directly linked to Tesla, his electric automaker company, which he owns about 13%.
Investors King understands that both Musk and Arnault have continued to be in head-to-head competition for some time now, as both billionaires have on several occasions displaced each other on the top global billionaire ranking.
Notably, Musk doesn’t seem to slow down in breaking new ground, after he made his first trip to the world’s second-largest economy, China, on Wednesday, in over three years.
Musk met with China’s industry minister Jin Zhuanglong and discussed the development of electric vehicles. In a statement on Tuesday, China’s foreign ministry said that Musk was willing to expand the car maker’s business in the country, which is Tesla’s biggest market after the US.