• Wed. Oct 4th, 2023

Elon Musk Pips LVMH CEO Bernard Arnault To Become World's Richest Person Again

BySymbels Journal

Mar 1, 2023

New Delhi: Tech Billionaire and the head of several leading firms SpaceX, Tesla, & Twitter Elon Musk has become the world’s richest man again, pipping LVMH chairman Bernard Arnault. The ranking is a daily index of the world’s richest people, maintained by Bloomberg Billionaires Index. The rise in Musk’s wealth is linked to the latest surge in Tesla Stock Price as they rose about 25% in the past one-month. Now, Musk stands at the top with the estimated wealth of USD 187.1 billion, with Arnault is on the second position having wealth of USD 185.3 billion. 

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In December 2022, Bernard Arnault, CEO of the French luxury brand Louis Vuitton, reportedly overtook the Tesla and Twitter CEO when he was at the second spot for more than two months.

Musk had been the world’s richest person for many months after overtaking earlier richest person Amazon founder Jeff Bezos around September, 2021. Since then, he remained on the top spot until Arnault overtook him last year in December. Musk’s fortune once peaked at 340 billion in November 2021. 

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Musk had seen the biggest downfall in his income last year when he lost over $200 billion, becoming the first person in the history to lose this huge amount of wealth in the lifetime. The reason was attributed to sharp decline of Tesla’s shares which dropped almost 11%  from the price of September 2021. 

What led to the fall of Tesla shares’ value?

Elon Musk had bought popular microblogging site Twitter this year with a whopping cost of $44 billion. The Twitter saga stretched throughout the year with Elon Musk had been having ifs and buts since he proposed the deal early this year. Finally, he had to conclude the deal by October end after facing a legal pressure.

Tesla Shareholders lost trust in Elon Musk as they believed Musk to get distracted from the company due to Twitter takeover.  


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