Tesla’s Elon Musk is back on top of the list of wealthiest people in the world after shares of luxury tycoon Bernard Arnault’s LVMH fell 2.6 percent in Paris trading.
Elon Musk and the 74-year-old Arnault have been neck-and-neck for the top spot this year in the list of world’s 500 richest people, Bloomberg reported.
Arnault first surpassed Musk in December last year as the tech industry struggled and luxury showed resilience in the face of inflation. LVMH, which Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy.
The report said faith in the luxury sector’s buoyancy is starting to fade amid mounting signs of slowing economic growth. LVMH shares have tumbled around 10% since April and wiping out $11 billion from Arnault’s net worth in a single day.
Meanwhile, Musk has gained more than $55.3 billion this year, largely from Tesla. Musk’s fortune is now valued at about $192.3 billion, while Arnault’s is about $186.6 billion, it added.
LVMH’s shares have risen 19.7% this year, while Tesla’s have risen 65.6% this year.
Musk has increasingly spread his efforts well beyond the auto sector. Besides heading both Tesla and Twitter, Musk recently filed papers to establish the X.AI artificial intelligence corporation based in the US state of Nevada.