Elon Musk surpasses Arnault to reclaim title of world's richest person
Last updated on: 03 June,2023 09:22 am
His fortune is now valued at about $192.3 billion, according to Bloomberg Billionaires Index
SAB FRABCISCO (Web Desk) - Twitter owner Elon Musk has reclaimed the title of world's wealthiest person.
The chief executive officer Tesla, the world's most valuable carmaker, surpassed luxury tycoon Bernard Arnault earlier this week after shares of latter's LVMH dropped by 2.6% in Paris trading.
Musk and the 74-year-old Frenchman have been neck-and-neck for the top position this year in the Bloomberg Billionaires Index, a listing of the world's 500 richest people.
Arnault first claimed the title of world's richest person after surpassubg Musk in December last as the tech industry struggled and luxury stayed firm in the face of inflation.
The luxury sector is now struggling amid mounting signs of slowing economic growth, particularly in the critical market of China. LVMH shares have declined about 10% since April, at one point wiping $11 billion from Arnault's net worth in a single day.
Musk, meanwhile, has gained more than $55.3 billion this year, largely due to Tesla. His fortune is now valued at about $192.3 billion, according to the index, while Arnault's is about $186.6 billion.
Arnault is followed by Jeff Bezos and Bill Gates in third and fourth positions.