Elon Musk regain status as world’s richest man, worth $192 billion

Date:

June 1, 2023.

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Azonuchechi Chukwu.

Elon Musk has overtaken French-born fashion icon, Bernard Arnault to become the world’s richest person on earth, following the end of Wednesday’s trading session.

This is according to the Bloomberg Billionaires balance sheet, which estimates that the net worth of Tesla’s Elon Musk is now worth around $192 billion, while LVMH CEO Bernard Arnault has a net worth of $187 billion.

The two “centi-billionaires,” as those worth above $100 billion are known, had been competing for the top slot for months.

How Elon Musk regained status

Arnault’s fortune fell this week after LVMH shares fell on Wednesday, according to calculations by the Bloomberg Billionaires Index.

Mr. Arnault overtook Mr. Musk in December as his fortune expanded with the luxury-sales boom that helped boost LVMH’s share price. LVMH is one of the world’s largest companies, with brands such as Louis Vuitton, Dior, and Celine. Meanwhile, Mr. Musk’s wealth is directly tied to that of electric car maker Tesla, which has helped him climb the world’s billionaire list by leaps and bounds in recent years. His biggest asset is the company’s stock, which he owns about 13% of, according to Bloomberg.

Besides Tesla, Musk is the CEO of the space exploration company SpaceX and the owner of the social network Twitter. LVMH shares are up 19.7% year-to-date, while Tesla shares are up 65.6% year-to-date.

Tesla shares closed Wednesday at $203.93, up 1.38%.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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