Elon Musk has once again shown himself worthy of the title of wealthiest person on the planet by overtaking Bernard Arnault. The decline in the share value of LVMH may be linked to the repositioning that was carried out. According to the Bloomberg Billionaires Index, Arnault’s fortune took a hit of 2.6% during the trading session.
At the tail end of the previous year, in December, the French billionaire seized control of American billionaire Elon Musk. Following the termination of hundreds of Twitter workers, Musk found himself embroiled in scandals, which even had an effect on the share prices of Tesla. The whole technology industry was also confronted with difficulties as a result of rising prices.
Bloomberg reports that investors are losing faith in the robustness of the luxury industry as a result of accumulating evidence of an economic downturn, especially in China, which is an essential market. Arnault’s net worth took a major hit of $11 billion in a single day as a result of the decline in the price of LVMH’s shares, which occurred since April and totaled nearly 10 percent.
Elon Musk, on the other hand, has experienced a significant gain in his wealth this year of over $55.3 billion. This is mostly attributable to the success of Tesla, which accounts for 71% of Musk’s fortune and has seen a phenomenal 66% rally year-to-date.
According to the Bloomberg Billionaires Index, Bernard Arnault’s estimated fortune is worth about $186 billion, compared to Elon Musk’s current estimate of $192 billion. On the other hand, Forbes’ list of the richest people in the world still ranks Arnault at number one, while Musk comes in at number two with a stunning net worth of $180 billion. Musk’s fortune is estimated to be $180 billion, while Arnault’s wealth is estimated to be $211 billion.
