Tesla CEO Elon Musk's fortune surpassed LVMH boss Bernard Arnault after LVMH shares fell 2.6% yesterday.
According to the Bloomberg Billionaires Index, Elon Musk is now worth $192 billion, up $2 billion after the May 31 trading session. Meanwhile, luxury goods tycoon Bernard Arnault is worth only $187 billion, down $5.25 billion. The reason is that LVMH shares fell 2.6% on the Paris Stock Exchange yesterday.
Musk thus reclaimed the world's richest title from Arnault. Arnault's fortune has risen since December 2022, as tech stocks have plunged due to high interest rates and the world gradually returning to normal after the pandemic. Meanwhile, the luxury goods group has held up well during the period of high inflation. LVMH owns many famous brands such as Louis Vuitton, Fendi and Hennessy.
Elon Musk has just reclaimed the title of world's richest person from Bernard Arnault. Photo: Bloomberg
But as global economic growth has shown signs of slowing recently, particularly in China, confidence in the luxury sector has waned. LVMH shares have fallen 10% since April. At one point, Arnault’s fortune lost $11 billion in a single day.
Asia and the US are now important markets for the European luxury industry. According to LVMH's report last year, Asia (excluding Japan) contributed 30% of the company's revenue, compared to 27% for the US.
Musk, by contrast, has gained more than $55.3 billion this year, largely thanks to Tesla. The electric carmaker’s stock accounts for 71% of his fortune, up 66% this year.
Musk is on a business trip to China this week. Since arriving in Beijing on May 30, he has met with China’s foreign minister, commerce minister, and industry minister. He also had dinner with Zeng Yuqun, chairman of battery maker CATL.
Ha Thu (according to Bloomberg)
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