Elon Musk : Bloomberg says Elon Musk has become the world’s richest man again after shares of LVMH fell 2.5%. At the time of writing, Elon Musk’s net worth was $192 billion while Arnault is at $186.6 billion.LVMH is owned by Bernard Arnault, a 74-year-old French business tycoon. Musk and Arnault have been in a neck-to-neck race to be the world’s richest man.
The latter first surpassed Musk in 2022 as the tech sector struggled but the luxury vertical stayed afloat during the recession.
LVMH owns global brands like Fendi, Hennessy and Luis Vuitton.
Bloomberg says faith in the luxury sector is shaking because of the slowing down of the global economy, particularly the Chinese economy. China happens to be a critical market for LVMH.
Since April 2023, shares of LVMH have fallen 10%, and at one point, Arnault lost $11 billion of his net worth.
Tesla to the rescue
A large part of Musk’s wealth comes from Tesla, Inc. The Austin-based automobile company contributes to nearly 71% of Musk’s fortune.
Musk has gained more than $55 billion in 2023 largely due to Tesla, whose shares have grown 66% this year.
Much more than Tesla
Elon Musk has other businesses besides Tesla. These include Space X, Neuralink and Twitter. The Space X project involves launching spaceships and making journeys to outer space profitable in the long run.
This month, Elon Musk gained approval from the FDA on placing computer chips in human brains. This is part of the Neuralink project which aims to connect brains with computers. Through Neuralink, Musk aims to help several thousand people who suffer from paralysis and other nervous disorders.
Last year, Elon Musk acquired Twitter for $44 billion from its previous owner Jack Dorsey. Some reports say this acquisition hasn’t helped Musk much in commercial terms.
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