Twitter CEO, Elon Musk, in a recent development, has surpassed Bernard Arnault, a renowned French fashion icon to claim the world’s richest individual title.
According to the Bloomberg Billionaires balance sheet, Elon Musk’s net worth now stands at approximately $192 billion, while Bernard Arnault, the CEO of LVMH, holds a net worth of $187 billion.
However, for several months, both individuals, known as “centi-billionaires” due to their wealth exceeding $100 billion, had been engaged in fierce competition for the top position.
Bernard Arnault experienced a decline in his fortune this week as LVMH shares plummeted on Wednesday, according to calculations made by the Bloomberg Billionaires Index.
In December, Arnault surpassed Musk as his wealth soared alongside the luxury sales boom, contributing to LVMH’s increased stock value. LVMH, a global powerhouse, encompasses prestigious brands like Louis Vuitton, Dior, and Celine.
Musk’s wealth is directly linked to the success of his electric car company, Tesla, which propelled him to great heights on the billionaire rankings in recent years.
His primary asset is his stake in Tesla’s stock, accounting for approximately 13% of the company, as reported by Bloomberg.
In addition to Tesla, Musk serves as the CEO of SpaceX, a space exploration company, and is the owner of the social networking platform, Twitter.