Monday, July 15, 2024

Musk reclaims title of world’s richest

(BBC News) Elon Musk has reclaimed his title as the world’s richest person, knocking the boss of luxury goods giant LMVH, Bernard Arnault, off the top spot.

His net worth has soared by $55.3 billion since January to $192 billion, after a rise in the value of electric car company Tesla.

Arnault’s fortune has fallen by $24.5 billion to $187 billion, per Bloomberg’s Billionaires Index.

He is followed by Jeff Bezos and Bill Gates in third and fourth positions.

Arnault, 74, had overtaken Musk, 51, on the rich list in December when shares in LMVH jumped as demand for luxury goods rebounded.

At the same, shares in Tesla — the company from which Musk derives most of his wealth — fell sharply amid concerns that his takeover of the social media platform Twitter was affecting his leadership.

However, Tesla shares have bounced back by almost 92% since the start of this year as investor nerves have eased and Musk has announced his replacement as Twitter chief executive.

His visit to China this week to discuss Tesla has also sparked excitement, while the car firm is benefiting from the rise in interest in artificial intelligence.

By contrast, LMVH — which owns brands including Louis Vuitton and Christian Dior — has gone into reverse.

After hitting a record high in April, its shares are down 16% since the start of the year.

Arnault, who co-founded the luxury goods giant in 1987, owns a majority stake in the business, which is Europe’s most valuable firm.

 

https://www.bbc.com/news/business-65781534

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