Again, Elon Musk is named the richest person in the world. Tech entrepreneur and CEO of SpaceX Elon Musk has reclaimed the title of world’s richest man, knocking Bernard Arnault, head of luxury goods giant LVMH, to second place.
Following an increase in the value of his firm Tesla, Musk’s net worth climbed by $55.3 billion since January to reach $192 billion.
Arnault’s net worth declined by $24.5 billion to $187 billion, according to Bloomberg’s Billionaires Index. In the third and fourth spots, respectively, are Bill Gates and Jeff Bezos.
In December, when luxury goods demand increased, the 74-year-old head of LVMH passed 51-year-old Musk to become the richest man in the world.
Due to investor worries that Musk’s $44 billion acquisition of Twitter, a social media network, might negatively impact his ability to lead, the stock price of Musk’s Tesla plummeted sharply.
However, as investor jitters have subsided and CEO Tesla Elon Musk’s announcement that he would be stepping down as Twitter’s CEO, the stock prices have nearly 92% of their value that they had lost since the year’s beginning.
While the maker of electric vehicles is profiting from the burgeoning interest in artificial intelligence (AI), his recent trip to Beijing also served as a catalyst for the excitement of Tesla shareholders.
Instead, the head of Christian Dior and Louis Vuitton changed his mind.
After reaching a record high in April, the company’s shares experienced a steep decline and have since dropped 16%.
Owner of the majority of the company, which is the most valuable company in Europe, Arnault co-founded the luxury goods empire in 1987.
In a reorganisation at LVMH, the French national named his daughter Delphine, 47, as CEO of his fashion house Dior.
At the group of brands, five of Arnault’s children hold prominent positions.
The creator of Amazon, Jeff Bezos, is ranked third richest in the world by Bloomberg, with a net worth of $146 billion.Bill Gates, a co-founder of Microsoft, is worth $126 billion.
