Elon Musk reclaims the title of the richest person in the world – Bloomberg – RT Business News
The Tesla CEO has seen his wealth grow by more than $50 billion this year amid a surge in the automaker’s stock price
Elon Musk has reclaimed his position as the richest person in the world, according to the latest data from the Bloomberg Billionaire Index.
According to the ranking, the Tesla, SpaceX and Twitter owner’s wealth jumped to $192 billion, compared to $187 billion amassed by French luxury tycoon Bernard Arnault. The two businessmen have been neck and neck in the top spot for months now.
Musk has seen his wealth jump by $55.3 billion this year, largely due to Tesla’s stock price, which jumped about 24% in May alone and 65.6% over the past 12 last months.
In December 2022, Musk lost the top spot to Arnault, whose LVMH conglomerate owns luxury brands such as Louis Vuitton and Dior. At the time, the French billionaire’s wealth soared due to an increase in sales of luxury goods, propelling the company’s share price.
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Last month, however, LVMH’s share price plunged amid growing worries about demand for luxury goods due to signs of slowing economic growth. Shares of the French company have lost about 10% of their value since April, apparently wiping $11 billion from Arnault’s net worth in a single day amid a rout in mid-May. Shares of the company are still up 19.7% for the year.
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