Tech billionaire and CEO of SpaceX has assumed the throne of the world’s richest man once again pulling the chief of luxury goods behemoth LVMH, Bernard Arnault, down to the second.
Musk’s net worth soared by $55.3 billion since January to $192 billion, after the worth of his company Tesla increased.
According to Bloomberg’s Billionaires Index, Arnault’s fortune decreased by $24.5 billion to $187 billion. Jeff Bezos and Bill Gates are in the third and fourth positions respectively.
74-year-old LVMH boss overtook 51-year-old Musk on the list of the world’s wealthiest men in December when shares in LVMH jumped as demand for luxury goods rebounded.
Musk’s Tesla stock price dropped as investors worried that his takeover of the social media network Twitter, which he purchased for $44 billion last year, was undermining his leadership.
However, stock prices have recovered about 92% of their value since the start of the year, as investors’ worries have calmed and CEO Tesla Musk announced his resignation as CEO of Twitter.
His recent trip to Beijing added to Tesla shareholders’ excitement, and the electric vehicle company is profiting from the growth in interest in artificial intelligence (AI).
The owner of Louis Vuitton and Christian Dior, on the other hand, reversed.
After reaching a record high in April, the company’s shares plummeted drastically, falling 16% from the beginning of the year.
Arnault, who co-founded the luxury goods company in 1987, maintains a majority share in Europe’s most valuable company.
As part of a reorganization at LVMH, the French national selected his 47-year-old daughter Delphine as CEO of his fashion business Dior.
Arnault’s five children hold prominent positions at the group’s brands.
According to Bloomberg, Amazon founder Jeff Bezos is the world’s third wealthiest person, worth $146 billion. Microsoft co-founder Bill Gates is worth $126 billion.
