According to a Bloomberg Billionaire tally, Elon Musk has once again become the world’s richest man, with a net worth of approximately $192 billion. In contrast, LVMH CEO Bernard Arnault’s net worth is estimated to be around $187 billion. These two individuals, who are often referred to as centibillionaires due to their net worths, have been in competition for the top spot recently.
In December, Arnault surpassed Musk, as the increasing demand for luxury products boosted LVMH’s stock. Arnault’s conglomerate, LVMH, is one of the world’s largest and encompasses brands such as Louis Vuitton, Dior, and Celine. On the other hand, Musk’s fortune is tied directly to Tesla, the electric automobile company he heads. His largest asset is the company’s stock, which he owns approximately 13% of.
Apart from Tesla, Musk holds the positions of CEO at SpaceX, a space exploration firm, and Twitter owner. LVMH’s stock fell on Wednesday, resulting in a decline in Arnault’s net worth, according to Bloomberg estimates. Tesla’s stock, on the other hand, has seen a significant rise in recent years, leading to Musk’s rapid ascent on the billionaire’s list. Tesla’s shares have increased by 65.6% year-to-date, while LVMH’s shares have risen by 19.7% during the same period.