Elon Musk has overtaken French-born fashion icon, Bernard Arnault to become the world’s richest person on earth, following the end of Wednesday’s trading session.
This is according to the Bloomberg Billionaires balance sheet, which estimates that the net worth of Tesla’s Elon Musk is now worth around $192 billion, while LVMH CEO Bernard Arnault has a net worth of $187 billion.
The two “centi-billionaires,” as those worth above $100 billion are known, had been competing for the top slot for months.
Arnault’s fortune fell this week after LVMH shares fell on Wednesday, according to calculations by the Bloomberg Billionaires Index.
Mr. Arnault overtook Mr. Musk in December as his fortune expanded with the luxury-sales boom that helped boost LVMH’s share price. LVMH is one of the world’s largest companies, with brands such as Louis Vuitton, Dior, and Celine. Meanwhile, Mr. Musk’s wealth is directly tied to that of electric car maker Tesla, which has helped him climb the world’s billionaire list by leaps and bounds in recent years. His biggest asset is the company’s stock, which he owns about 13% of, according to Bloomberg.
Besides Tesla, Musk is the CEO of the space exploration company SpaceX and the owner of the social network Twitter. LVMH shares are up 19.7% year-to-date, while Tesla shares are up 65.6% year-to-date.
Tesla shares closed Wednesday at $203.93, up 1.38%.
Recall, Tesla stock hit a two-year low in November, and the stock fell to $167.87, its lowest since November 2020. This was partly due to a stock price drop that accelerated in the wake of Musk’s acquisition of Twitter.
On Thursday, Elon Musk left Shanghai after two well-publicized trips. He met with several Chinese officials on his visit to China, including Foreign Minister Qin Gang. Analysts said the visit is a sign that China is an important market for Tesla at a time of heightened tensions between the United States and China.
During his visit, Qin Mask wanted to ensure that China was open to foreign companies and would continue to provide a friendly business environment. Musk also reportedly announced further expansion in China.