Elon Musk, known as the world’s richest man, has once once more been overtaken by French billionaire Bernard Arnault. Over the past year, the pair have switched places several times in the rankings of the world’s richest people.
Fortune magazine reported on the 28th of last month (local time) that Arno, the founder of LVMH, a luxury conglomerate, was overtaken by Musk, whose net worth increased significantly thanks to the rise in Tesla stock.
However, Musk, whose assets are tied to Tesla, plunged more than 5% the next day as disappointing sales poured in on the 2023 Investor Day.
According to Bloomberg’s ‘Billionaires Index’, which tracks real-time assets of the world’s richest people, Musk lost more than $1.9 billion in one day, ranking second behind LVMH president.
Arnault’s wealth has risen by regarding $2 billion as the company’s share price has risen on a 1.5 billion euro ($1.6 billion) share buyback, cementing its position as the most valuable company in Europe. However, Paris-listed LVMH shares fell regarding 1% during European trading hours on the 2nd (local time).
Bloomberg estimates the net assets of Arno and Musk at $186 billion (regarding 245 trillion won) and $184 billion (242 trillion won), respectively. Even in Forbes’ separate wealth ranking, it was estimated that Arnault’s fortune once once more overtook Musk’s.
Forbes’ wealth tracking, which uses a different method than Bloomberg’s, puts Arno’s net worth at $205 billion and Musk’s at $194 billion.
Meanwhile, Musk’s fortune has grown rapidly, with shares soaring more than 4,000% in the 10 years since Tesla’s IPO. According to CNBC, he owns more than 40% of existing stock in SpaceX, which reportedly received a private valuation of $137 billion last month.
Although one of the “richest people on the planet,” Musk’s wealth has shrunk significantly due to a number of issues, including the Twitter acquisition and slowing Tesla sales. In fact, at the end of 2021, Forbes estimated Musk’s wealth to be close to $300 billion.
/ Fortune Korea Reporter Kong In-ho ball@fortunekorea.co.kr
