Tesla Inc CEO Elon Musk has again become the richest person in the world. Elon Musk has overtaken luxury brand tycoon Bernard Arnault. Let us tell you that the shares of Bernard Arnault’s company LVMH fell by 2.6 percent on Wednesday. Due to which Arnault suffered losses and slipped to the second position in the list of richest businessmen.
Let us tell you that Elon Musk and Bernard Arnault had a big fight this year to become the richest person in the Bloomberg Billionaires Index and there is not much difference in the wealth of the two. Musk’s fortunes plummeted in December last year when the tech industry was going through a rough patch. The benefit of which was given to Arnault’s company LVMH. Let it be known that LVMH is the maker of luxury brands like Louis Vuitton, Fendi and Hennessy.
Inflation took a toll on Arnold
However, this year Arnault has been hit by rising inflation. Sales of luxury brands have also declined due to rising inflation. In particular, China, one of the world’s largest markets, has also seen LVMH sales decline. Because of this, LVMH shares have seen a decline of about 10 percent since April. Musk, on the other hand, has increased his wealth by nearly $53 billion this year. Tesla holds the largest share of Musk’s assets at 71 percent. Musk’s current net worth is $192 billion. While Arnault’s net worth is $186 billion.