Elon Musk has again become the world’s richest person after shares of Bernard Arnault LVMH fell 2.6% in Paris trading. Musk and Arnault have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index.
Arnault first surpassed Musk in December 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.
Faith in the luxury sector’s buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China. LVMH shares have tumbled about 10% since April, at one point wiping $11 billion from Arnault’s net worth in a single day.
Musk, meanwhile, has gained more than $55.3 billion this year, largely due to Tesla.
Elon Musk’s fortune is now valued at about $192.3 billion while Arnault’s is about $186.6 billion.
