Elon Musk regains the title of world’s richest billionaire

Billionaire Elon Musk just reclaimed the title of world’s richest billionaire.

After luxury conglomerate LVMH’s share price fell another 2.6% yesterday, luxury brand magnate Bernard Arnault’s fortune also fell to lower levels than Tesla boss.

On the Bloomberg Billionaires Index, which ranks the wealth of the world’s 500 richest billionaires, Musk and Arnault have ranked close since late last year to date.

The 74-year-old French billionaire first overtook Elon Musk last December when the tech industry struggled while the luxury industry thrived despite inflation. LVMH, the group founded by Arnault, owns a range of brands from Louis Vuitton, Fendi to Hennessy.

But confidence in the luxury sector is beginning to wane as signs mount that economic growth is slowing, particularly in China, its key market. Shares of LVMH are down about 10% since April, with Arnault’s fortune at times plummeting $11 billion in just one session as the stock plummeted.

In contrast, Elon Musk’s net worth is up more than $55.3 billion year-to-date, thanks largely to the soaring Tesla shares. Shares of the Austin-based electric carmaker — which accounts for 71% of Musk’s fortune — are up 66%. Musk currently owns $192.3 billion, while Arnault owns about $186.6 billion.

See Bloomberg

According to Tu Anh