Elon Musk has once again claimed the coveted position, leaving us all in awe of his astronomical wealth.
According to the latest figures from Bloomberg Billionaires, the net worth of the Tesla (TSLA) CEO has soared to a mind-boggling $192 billion. In a neck-and-neck race, Musk edged out LVMH (LVMHF) CEO Bernard Arnault, whose fortunes currently stand at a whopping $187 billion. These individuals are what we like to call “centibillionaires,” a term reserved for those whose fortunes exceed the staggering $100 billion mark.
The battle between these two titans has been raging for months, with the top spot constantly shifting hands. This week, however, things took a dramatic turn. Arnault’s wealth took a nosedive due to a drop in LVMH’s stock on Wednesday. Bloomberg’s calculations revealed the impact on his overall net worth, providing Musk with the perfect opportunity to reclaim his throne.
Back in December, Arnault had surpassed Musk, riding high on a surge in luxury goods sales that propelled LVMH’s stock prices. With iconic brands like Louis Vuitton, Dior, and Celine under its umbrella, LVMH solidified its position as one of the world’s largest conglomerates.
Meanwhile, Musk’s ascent up the ladder of wealth has been nothing short of extraordinary. In recent years, he has experienced a meteoric rise in various rich lists. This is largely due to his close association with Tesla, the revolutionary electric automaker that has captured the world’s attention. Musk’s fortunes are intricately linked to the company’s success, with his primary asset being Tesla’s stock, in which he holds a significant 13% stake, as reported by Bloomberg.
furthermore! Musk’s empire extends beyond the realms of electric vehicles. He is also the mastermind behind SpaceX, a groundbreaking space exploration company that continues to push the boundaries of human achievement. If that weren’t enough, he even holds the reins of Twitter, the social media platform where thoughts are shared in 280 characters or less.
While Arnault’s stocks have seen a commendable increase of 19.7% this year, it’s Tesla that has truly skyrocketed, with its shares surging a remarkable 65.6% year-to-date. This impressive growth has undoubtedly played a significant role in Musk’s recent triumph, adding fuel to the fire of his ever-expanding wealth.