Elon Musk Becomes World’s Richest Person Again as Bernard Arnault’s LVMH Shares Decline

Elon Musk

Chief Executive Officer of Tesla Motors

Born: 28 June 1971 (age 51 years), Pretoria, South Africa
Net worth: 19,840 crores USD (2023) Forbes
Children: Vivian Jenna Wilson, Nevada Alexander Musk, Damian Musk, Griffin Musk, Kai Musk, Saxon Musk
Spouse: Talulah Riley (m. 2013–2016), Talulah Riley (m. 2010–2012), Justine Musk (m. 2000–2008)
Parents: Errol Musk, Maye Musk
Siblings: Kimbal Musk, Tosca Musk

Elon Musk has once again secured the title of the world’s richest person, as shares of Bernard Arnault’s LVMH experienced a 2.6% decline during Paris trading. Throughout the year, Musk and Arnault have been engaged in a fierce rivalry for the top position in the Bloomberg Billionaires Index.

In December 2022, Arnault, a 74-year-old French business magnate, surpassed Musk as the tech industry faced challenges while luxury brands demonstrated resilience in the face of inflation.

Arnault is the founder of LVMH, a conglomerate that owns renowned brands like Louis Vuitton, Fendi, and Hennessy.

According to the Bloomberg news agency, confidence in the luxury sector’s growth potential is diminishing due to signs of economic slowdown, particularly in China, which is a crucial market. LVMH shares have dropped by approximately 10% since April, causing Arnault’s net worth to decrease by $11 billion in a single day at one point.

Meanwhile, Elon Musk’s fortune has surged by over $55.3 billion this year, largely driven by the success of Tesla Inc. The Austin-based automaker, which represents 71% of Musk’s wealth, has experienced a remarkable 66% rally year-to-date.

As per the Bloomberg Billionaire Index, Elon Musk’s current net worth stands at around $192.3 billion, while Arnault’s fortune amounts to approximately $186.6 billion.

On related news, latest evaluations by Fidelity indicate that Twitter’s worth has declined to just one-third of what Elon Musk initially paid for the social media platform. Musk himself has acknowledged that he overpaid for Twitter, having acquired it for $44 billion, including $33.5 billion in equity. He later expressed that Twitter’s value is now less than half of what he originally paid.

The exact methodology used by Fidelity to arrive at the revised valuation is unclear, and it is unknown whether the company receives any non-public information from Twitter. Fidelity first reduced the value of its Twitter stake in November, to 44% of the purchase price. That was followed by further markdowns in December and February.

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Elon Musk Becomes World’s Richest Person Again as Bernard Arnault’s LVMH Shares Decline