Elon Musk has again become 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, the 74-year-old French business tycoon first surpassed Musk in December 2022 as the tech industry struggled and luxury showed resilience in the face of inflation.
Arnault founded LVMH which owns brands including Louis Vuitton, Fendi, and Hennessy.
According to the Bloomberg news agency, 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. Shares of LVMH tumbled about 10% since April, at one point wiping $11 billion from Arnault’s net worth in a single day.
However, Elon Musk has gained more than $55.3 billion this year, largely because of Tesla Inc. The Austin-based automaker — which comprises 71% of his fortune — has rallied 66% year-to-date.
According to the Bloomberg Billionaire Index, Elon Musk’s fortune is now valued at about $192.3 billion while Arnault’s is about $186.6 billion.