- Elon Musk has reclaimed the title of richest person in the world, according to the Bloomberg Billionaires Index.
- The electric vehicle pioneer’s wealth rose in May thanks to soaring Tesla stock prices.
- Musk overtook Bernard Arnault on Wednesday after Paris-listed LVMH stock fell nearly 3%.
Elon Musk has once again replaced Bernard Arnault as the world’s richest person, thanks to Tesla’s stock price surge and LVMH stock’s fall over the past month.
Musk’s wealth surpassed Arnault’s on Wednesday after LVMH fell nearly 3% in Paris, according to the Bloomberg Billionaires Index.
The fall in shares of the French conglomerate wiped out more than $5 billion of Arnault’s personal fortune, according to Bloomberg, while Musk’s wealth jumped nearly $2 billion as Tesla posted modest gains.
Musk – who first claimed the title of world’s richest man in January 2021 and has since traded places with Arnault and Amazon founder Jeff Bezos – has a net worth of $192 billion, according to Bloomberg data.
His wealth has exploded over the past month, with Tesla’s share price rising 26% in May. Investors have piled into the stock assuming Musk will spend more time leading the electric vehicle maker now that he has hired Linda Yaccarino as Twitter’s new CEO.
Meanwhile, Arnault’s LVMH fell 6% last month as European luxury brands were rocked by fears an impending slowdown in US spending could eat into their profits later this year.
The French business mogul’s total net worth now stands at $187 billion, according to Bloomberg.
He is still comfortably the second richest person in the world, ahead of Bezos, who is worth $144 billion.
Bill Gates, Oracle CTO Larry Ellison, former Microsoft CEO Steve Ballmer, investing legend Warren Buffett, Google co-founders Larry Page and Sergey Brin, and Meta Platforms boss Mark Zuckerberg round out the rest of the top 10.
Learn more: LVMH, Hermes and other luxury stocks suffer $30 billion rout as investors brace for US spending slowdown
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