Elon Musk has again become the world’s richest person after Bernard Arnault LVMH shares fell 2.6% in Paris trading. Musk and Arnault have been neck-and-neck for the top spot on the Bloomberg Billionaires Index this year.
Arnault, the 74-year-old French business tycoon, had overtaken Musk for the first time in December 2022 as the tech industry struggled and luxury showed resilience in the face of inflation.
Arnault founded LVMH, which owns brands including Louis Vuitton, Fendi and Hennessy.
Confidence in the luxury sector’s boom is starting to fade amid growing signs of slowing economic growth, particularly in the key market of China, according to Bloomberg news agency. Shares of LVMH tumbled about 10% since April, at one point wiping $11 billion from Arnault’s net worth in a single day.
However, Elon Musk has gained more than $55.3 billion this year, largely because of Tesla Inc. The Austin-based automaker which comprises 71% of his fortune has rallied 66% year-to-date.
According to the Bloomberg Billionaire Index, Elon Musk’s fortune is now valued at about $192.3 billion while Arnault’s is about $186.6 billion.
Elon Musk is a renowned entrepreneur and business magnate known for his involvement in several high-profile technology companies. He was born on June 28, 1971, in Pretoria, South Africa. Musk has made significant contributions to the fields of electric vehicles, renewable energy, space exploration, and transportation.
Here are some key highlights of Elon Musk’s ventures:
Tesla, Inc.: Musk is the co-founder, CEO, and product architect of Tesla, an electric vehicle and clean energy company. Tesla’s mission is to accelerate the world’s transition to sustainable energy. The company has played a pivotal role in popularizing electric cars and has achieved success with models like the Tesla Roadster, Model S, Model 3, Model X, and Model Y.
SpaceX: Elon Musk is the founder, CEO, and lead designer of SpaceX (Space Exploration Technologies Corp.), a private aerospace manufacturer and space transportation company. SpaceX has revolutionized the space industry by developing reusable rocket technology. They have successfully launched numerous rockets, including the Falcon 1, Falcon 9, and Falcon Heavy, and have made significant progress towards their goal of making humanity a multi-planetary species.
Neuralink: Musk is a co-founder and CEO of Neuralink, a neurotechnology company focused on developing implantable brain-machine interfaces. Neuralink aims to create a direct interface between the human brain and computers, potentially enabling advancements in medical treatments and human cognition.
The Boring Company: Musk also founded The Boring Company, a tunnel construction and infrastructure company. The Boring Company aims to alleviate traffic congestion by building a network of tunnels for high-speed transportation systems, such as the Hyperloop.
SolarCity and Solar Power: Musk was a co-founder and major investor in SolarCity, a solar energy services company. SolarCity aimed to make solar power more accessible and affordable for homeowners. In 2016, Tesla acquired SolarCity to integrate solar energy generation with Tesla’s energy storage products.
Elon Musk is known for his ambitious vision, innovative thinking, and ability to tackle complex technological challenges. He has often made headlines for his bold statements on social media and public appearances, which have contributed to his larger-than-life public persona.