CYPRUS MIRROR
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Elon Musk reclaims title of world's richest person

Elon Musk reclaims title of world's richest person

Tesla CEO Elon Musk has once again become the world's richest person after briefly losing the title to Bernard Arnault, CEO of LVMH, in December. Both Musk and Arnault were in a tight race for the top spot on Bloomberg's Billionaires Index, which ranks the world's 500 wealthiest people.

Publish Date: 01/06/23 13:00
reading time: 1 min.
Elon Musk reclaims title of world's richest person
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LVMH, the luxury goods company run by Arnault and owner of brands like Louis Vuitton, Fendi, and Hennessy, has been hit hard in China amidst signs of a slowing economy. The company's shares have lost around 10% of its value since April, wiping $11 billion off Arnault's fortune in a single day.

Meanwhile, Musk's wealth has surged to exceed $55.3 billion this year, largely due to Tesla's success. According to the Bloomberg Index, Musk's net worth is currently around $192.3 billion, while Arnault's is around $186.6 billion.

This latest development suggests that Musk's bet on electric cars has paid off, while the luxury industry may be experiencing a downturn.

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