Musk vs. Arnault: Elon Musk is World's Richest Person Once Again

By Staff Writer, 05 June 2023

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Elon Musk has regained his position as the wealthiest person in the world, surpassing French billionaire Bernard Arnault, following a decline in the value of Arnault's LVMH on May 31, 2023.


As of June 5, 2023, according to the regularly updated Bloomberg Billionaires tally, the net worth of Tesla (TSLA) CEO Elon Musk is estimated to be approximately $199 billion, closely followed by LVMH (LVMHF) CEO Bernard Arnault's $191 billion.


At 51 years old, Elon Musk, the unconventional leader of Tesla and owner of Twitter, has seen his fortune rebound to $199 billion, which is an increase of $62 billion since the beginning of the year.


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These two individuals, referred to as centibillionaires due to their fortunes exceeding $100 billion, have been in a close competition for the top spot for several months. In December, Arnault surpassed Musk as his wealth surged due to a boom in luxury goods sales that drove up LVMH's stock price. LVMH, a prominent conglomerate housing prestigious brands such as Louis Vuitton, Dior, and Celine, contributed to Arnault's financial success.


Musk, on the other hand, has experienced a remarkable ascent in the world's wealth rankings in recent years, primarily due to his close ties to Tesla, the electric automaker. His primary asset is the company's stock, of which he owns approximately 13%, accounting for 44% of his total assets and valued at $88 billion according to Bloomberg. His second significant source of wealth is his space exploration company, SpaceX, with privately held assets totaling $48.9 billion, representing 24.6% of his overall wealth.


In addition to Tesla and SpaceX, Musk is also the proprietor of the social network Twitter (TWTR).


Related: Tesla Has Been Leading the EV Market in the US and Is the Largest Company in the World in Terms of Units Sold

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