Musk: Elon Musk world’s richest person again as Arnault’s LVMH sinks

Elon Musk has regained his title of richest person in the world.
The Tesla Inc. chief executive passed luxury mogul Bernard Arnault on Wednesday after Arnault’s LVMH shares fell 2.6% in Paris trading.
Musk and the 74-year-old Frenchman were neck and neck for first place this year in the Bloomberg Billionaires Index, a list of the 500 richest people in the world.
Arnault passed first Moss in December, when the tech industry struggled and luxury showed resilience in the face of inflation. LVMH, founded by Arnault, owns brands including Louis Vuitton, Fendi and Hennessy.
Confidence in the vibrancy of the luxury sector is starting to fade amid growing signs of slowing economic growth, particularly in China’s critical market. LVMH shares have plunged about 10% since April, at one point wiping $11 billion off Arnault’s net worth in a single day.
Musk, meanwhile, has earned more than $55.3 billion this year, largely thanks to Tesla. The Austin-based automaker, which accounts for 71% of his fortune, has rallied 66% so far this year. Musk’s fortune is now valued at about $192.3 billion, according to the index, while Arnault’s is about $186.6 billion.


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