Mon, 02 Oct 2023

The Tesla CEO has seen his wealth grow by more than $50 billion this year amid a surge in the carmaker's stock price

Elon Musk has reclaimed his position as the world's wealthiest person, the latest data from the Bloomberg Billionaire Index shows.

According to the ranking, the Tesla, SpaceX and Twitter owner's wealth has jumped to $192 billion, against $187 billion amassed by French luxury goods magnate Bernard Arnault. The two businessmen have been neck-and-neck at the top spot for months now.

Musk has seen his wealth jump by $55.3 billion this year, largely due to the Tesla share price, which surged about 24% in May alone and 65.6% in the past 12 months.

In December 2022 Musk lost the top spot to Arnault, whose LVMH conglomerate owns luxury brands including Louis Vuitton and Dior. Back then the French billionaire's wealth spiked due to a surge in luxury goods sales, propelling the company's stock price.

Last month, however, LVMH's share price plunged amid growing concerns over demand for luxury goods due to signs of slowing economic growth. Shares in the French company have lost about 10% of their value since April, reportedly wiping $11 billion from Arnault's net worth in a single day amid a rout in mid-May. The company's stock is still up 19.7% for the year.

For more stories on economy & finance visit RT's business section


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