Elon Musk again became the world's richest man, overtaking luxury brand tycoon Bernard Arnault
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In December last year, when the tech industry was going through difficulties, Musk's wealth declined. The benefit of which was given to Arnault's company LVMH.
Tesla Inc CEO Elon Musk has again become the richest person in the world. Elon Musk overtakes luxury brand tycoon Bernard Arnault. Let us tell you that the shares of Bernard Arnault's company LVMH declined by 2.6 percent on Wednesday. Due to which Arnault had to suffer and he slipped to second number in the list of richest businessmen.
Arnault had collected the coin from the luxury brand
Let us tell you that this year there was a tough fight between Elon Musk and Bernard Arnault to become the richest person in the Bloomberg Billionaire Index and there is not much difference in the wealth of the two. In December last year, when the tech industry was going through difficulties, Musk's wealth declined. The benefit of which was given to Arnault's company LVMH. Explain that LVMH is the maker of luxury brands like Louis Vuitton, Fendi and Hennessy.
Inflation gave a blow
This year, however, Arnault has been hit by rising inflation. Due to rising inflation, the sales of luxury brands have also declined. Especially China, which is one of the biggest markets in the world, has also seen a decline in LVMH sales. Due to this, LVMH shares have seen a decline of about 10 percent since April.
At the same time, Musk has increased his wealth by about $ 53 billion this year. Tesla owns the largest share of Musk's wealth, which is 71 percent. Musk's current assets are $ 192 billion. Whereas Arnault has a net worth of $186 billion.
