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Friday, September 29, 2023

Elon Musk Reclaims The Title Of The Richest Man In The World

Following a decline in the value of French billionaire Bernard Arnault’s LVMH luxury goods company, Elon Musk has once again overtaken him as the richest person in the world.

According to Bloomberg’s regularly updated billionaires’ index, Arnault’s wealth has decreased by $5 billion in the past 24 hours to $187 billion, while the unconventional 51-year-old CEO of Tesla and owner of Twitter has seen his fortune rise to $192 billion (£153 billion), up $55 billion from the start of the year.

In December of last year, Arnault surpassed Musk as the richest person in the world as a result of the soaring value of LVMH shares and the increasing demand for its high-end products. Musk’s wealth has decreased at the same time that Tesla’s stock price dropped due to investor concerns that he would be concerned with his recent acquisition of Twitter.

The valuation of LVMH, which includes brands including Louis Vuitton, Christian Dior, and Mot & Chandon champagne, then reached a record high, propelling Arnault’s wealth to a height of $200 billion in April. However, since then, LVMH shares have fallen by more than 10% due to analysts’ worries that the luxury goods bubble may be about to burst, which has reduced the estimated worth of Arnault’s fortune. The main shareholder and 74-year-old co-founder of the luxury products company, which was created 35 years ago, recently promoted his children to important positions inside the company. The leadership of Christian Dior, the second-largest brand in the empire, was given to his eldest child, Delphine, in January. 

Musk becomes First Person in history to lose $200 Billion

To administer the holding firm that oversees LVMH and the Arnault family riches, her brother Antoine received a promotion. The value of Tesla, the electric vehicle manufacturer in which Musk owns around 13% of the stock, directly affects his wealth. Since the beginning of the year, shares of Tesla have increased by 88%.

Jeff Bezos, the founder and executive chairman of Amazon, is the third wealthiest person with an estimated net worth of $144 billion. The richest woman, Françoise Bettencourt Meyers, heiress to the L’Oréal fortune, is ranked No. 12 overall and is worth $86 billion. The top 11 richest people are all men.

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