Tech billionaire and CEO of SpaceX Elon Musk has overtaken Bernard Arnault as the richest man in the world, dropping him to second place.
Elon Musk again crowned world’s richest person: After Tesla’s value surged, Musk’s net worth grew by $55.3 billion since January to reach $192 billion.
Bloomberg’s Billionaires Index shows that Arnault’s wealth fell by $24.5 billion to $187 billion. Bill Gates and Jeff Bezos are ranked third and fourth, respectively.
The 74-year-old head of LVMH surpassed 51-year-old Musk on the list of the richest people in the world in December when LVMH’s shares increased as the market for luxury goods recovered.
Investors were concerned that Musk’s acquisition of the social media platform Twitter, which he paid $44 billion for last year, was eroding his authority, which caused the price of Musk’s Tesla stock to fall.
However, as investors’ concerns have subsided and CEO Tesla Musk announced his retirement as CEO of Twitter, stock prices have increased by roughly 92% since the year’s beginning.
Tesla shareholders were even more ecstatic after his recent trip to Beijing, and the electric car maker is benefiting from the rise in interest in artificial intelligence (AI).
On the other side, the owner of Christian Dior and Louis Vuitton changed his mind.
The company’s shares plunged sharply, losing 16% from the start of the year after hitting a record high in April.
The 1987 co-founder of the luxury goods company Arnault still owns a majority stake in the most valuable corporation in Europe.
The French national appointed his 47-year-old daughter Delphine as CEO of his fashion company Dior as part of a restructuring at LVMH.
Five of Arnault’s kids have important positions at the group’s brands.
Jeff Bezos, the creator of Amazon, holds the third position in wealth globally and possesses a net worth of $146 billion. Bill Gates, a co-founder of Microsoft, is worth $126 billion.