Elon Musk Regains Title of World's Richest Person
Elon Musk has regained his place as the world’s richest person, surpassing Bernard Arnault, the CEO of the French luxury goods empire, LVMH (LVMUY).
The Tesla (TSLA) CEO's total wealth is now $192 billion, according to Bloomberg, while Arnault saw his drop to $187 billion after his company's stock fell 2.6% Wednesday.
Musk first gained the title in September 2021 when surging Tesla stock pushed his net worth above $200 billion, surpassing then Amazon (AMZN) CEO Jeff Bezos. He was overtaken by Arnault last December after Tesla shares tumbled more than 50% in the span of a few months. He briefly reclaimed the title in March until a rally in Tesla shares stalled in April. Tesla regained its upward momentum in May, pushing the stock higher by about 64% year-to-date. LVMH is up about 18% so far this year.
YCharts
Shares of European luxury brands have faltered as the Chinese economy sputters out of Covid-19 restrictions. A surge of demand in January immediately after China's reopening has started to cool. Manufacturing and services activity slowed in April, and retail sales figures for that month came in below economists' forecasts.
Musk's wealth is closely related to his stake in Tesla, of which he owns about 13%. That has led to a $55 billion increase in his wealth this year alone.Musk's Tesla investment is faring better than his acquisition of Twitter, which Fidelity believes is now worth only 33% of his initial $44 billion takeover price.
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