In order to reclaim his position as the richest person in the world, Elon Musk dethroned Bernard Arnault, the head of luxury goods conglomerate LMVH.
In order to reclaim his position as the richest person in the world, Elon Musk dethroned Bernard Arnault, the head of luxury goods conglomerate LMVH.
Following a rise in the value of his electric car company, Tesla, his net worth has increased by $US55.3 billion ($NZ91 billion) since January to $192 billion.
According to Bloomberg’s Billionaires Index, Arnault’s net worth has decreased by $24.5 billion to $187 billion. After him, Bill Gates and Jeff Bezos are ranked third and fourth, respectively.
When shares in LMVH increased as luxury goods demand increased in December, Arnault, 74, had surpassed Mr. Musk, 51, on the list of the wealthiest people.
As a result of worries that Musk’s control over Twitter was affecting his leadership, shares in Tesla, the business from which he derives the majority of his wealth, fell precipitously.
As investor jitters have subsided and Musk’s replacement as Twitter CEO has been announced, Tesla shares have increased by nearly 92 percent since the year’s beginning.
While the car company is gaining from the increase in interest in artificial intelligence, excitement has also been generated by his visit to China this week to discuss Tesla.
LMVH, which owns businesses like Louis Vuitton and Christian Dior, has reversed course. Its shares have dropped significantly and are down 16% year to date after reaching a record high in April.
The most valuable company in Europe is owned by Arnault, who co-founded the luxury goods behemoth in 1987.
As part of a reorganisation at LMVH, the Frenchman named his daughter Delphine Arnault, 47, as head of his fashion house Dior in January. At brands in the group, all five of Arnault’s children hold executive positions.
Jeff Bezos, the founder of Amazon, is ranked third richest in the world by Bloomberg, with a net worth of $146 billion. Gates is worth $126 billion and co-founded Microsoft.