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Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps

Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps
  • Elon Musk has reclaimed the title of world's richest person, per the Bloomberg Billionaires Index.

  • The electric-vehicle pioneer's wealth rose in May thanks to Tesla's stock price surging.

  • Musk surpassed Bernard Arnault on Wednesday after Paris-listed LVMH shares fell nearly 3%.

Elon Musk has displaced Bernard Arnault as the world's richest person once again, thanks to Tesla's stock price surging and LVMH shares slumping over the past month.

Musk's wealth passed Arnault's on Wednesday after LVMH slipped nearly 3% in Paris trading, according to the Bloomberg Billionaires Index.

The French conglomerate's stock plunge wiped over $5 billion off of Arnault's personal fortune, per Bloomberg, while Musk's wealth jumped nearly $2 billion as Tesla posted modest gains.

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Musk – who first claimed the title of world's wealthiest man in January 2021 and has since traded places with both Arnault and Amazon founder Jeff Bezos – has a net worth of $192 billion, Bloomberg data shows.

His riches have ballooned over the past month, with Tesla's share price up 26% in May. Investors piled into the stock on the assumption that Musk will spend more time running the EV maker now that he's hired Linda Yaccarino as Twitter's new CEO.

Meanwhile, Arnault's LVMH fell 6% last month as European luxury brands were rocked by fears of a looming US spending slowdown that could eat into their profits later this year.

 

The French business magnate's total net worth now stands at $187 billion, according to Bloomberg.

He's still comfortably the world's second-richest person, ahead of Bezos, who's worth $144 billion.

Bill Gates, Oracle CTO Larry Ellison, former Microsoft CEO Steve Ballmer, investing legend Warren Buffett, Google co-founders Larry Page and Sergey Brin, and Meta Platforms boss Mark Zuckerberg round out the rest of the top 10.

Read more: LVMH, Hermes, and other luxury stocks suffer a $30 billion rout as investors brace for a US spending slowdown

Read the original article on Business Insider