Elon Musk reclaims title of world’s richest person – Bloomberg

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According to the most recent Bloomberg Billionaire Index statistics, Elon Musk has resumed his position as the world’s wealthiest individual.

According to the list, Musk’s fortune has risen to $192 billion, surpassing the $187 billion earned by French luxury goods billionaire Bernard Arnault. For months, the two businesspeople have been neck and neck at the top.

Musk’s fortune has increased by $55.3 billion this year, owing mostly to the Tesla stock price, which increased by 24% in May alone and by 65.6% over the previous year.

Musk will hand over the top seat to Arnault, whose LVMH company owns luxury brands such as Louis Vuitton and Dior, in December 2022. The French billionaire’s wealth increased during the time due to an increase in luxury goods sales, which boosted the company’s stock price.

However, LVMH’s share price fell last month on mounting fears about demand for luxury products due to signs of slowing economic development. Shares in the French company have lost approximately 10% of their value since April, knocking out $11 billion off Arnault’s net worth in a single day during a meltdown in mid-May. The stock is still up 19.7% for the year.