Last May 30th, Elon Musk, CEO of Tesla, surpassed Bernard Arnault in the ranking of the richest people in the world, according to a new assessment of Bloomberg Billionaires Index.
This time, Arnault saw a 2.6% drop in LVMH shares in Paris trading. Musk and Arnault have been fiercely competing for the top spot on the list of the 500 richest people in the world.
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In December 2022, Bernard Arnault managed to overtake Elon Musk for the first time. This move came during a time when the tech sector faced challenges and the luxury sector, led by Arnault's LVMH, demonstrated resilience in the face of inflation.
LVMH is known for owning prestigious brands such as Louis Vuitton, Fendi and Hennessy.
While Arnault's shares, Musk's Tesla are profit record holders
In recent months, confidence in the growth potential of the luxury sector has waned due to signs of an economic slowdown, especially in the important Chinese market.
LVMH, in particular, has faced a roughly 10% drop in its shares since April, resulting in a loss of $11 billion in Bernard Arnault's net worth in just one day. Today, Arnault's fortune is estimated at around $186.6 billion.
Meanwhile, Elon Musk has seen his fortune increase significantly, reaching an increase of more than US$ 55.3 billion and, in large part, thanks to Tesla's performance.
The Austin-based automaker has been a key factor in that growth, accounting for about 71% of its total wealth.
Tesla's stock appreciation, which is up 66% year-to-date, has boosted Musk's wealth, which is now valued at approximately $192.3 billion, also according to the index. Bloomberg Billionaires.
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