Overtaking Bernard Arnault, Elon Musk is once more the richest man in the world because the LVMH shares of Bernard Arnault fell by 2.6% in the Paris trading. The present valuation of the fortune of Bernard Arnault is $186.6 billion, while Elon Musk has now achieved a fortune of $192.3 billion.

Bernard Arnault overtook Elon Musk in December 2022 when the luxury industry performed better, even with inflation. The tech industry was suffering last year when inflation hit. In the past year, the net worth of Musk dropped by $200 billion due to investors of Tesla who dumped the shares.

At that point, the focus was on Twitter, as Elon Musk bought it for $44 billion. However, this year, Tesla Inc. has been a significant reason, so Musk has gained almost more than $55.3 billion. He has rallied 66% of Tesla’s shares year to date.

LVMH experienced the first negative impact when the shares dropped by 10%. Due to the critical market of China, the economic growth has slowed. The buoyancy of the luxury industry is failing, and on a single day in April, the net worth of Arnault was eradicated by $11 billion.

Arnault founded brands are Fendi, Hennessy, and Louis Vuitton. The luxury industry is fading as the tech industry is sustaining in the face of inflation. The Tesla CEO owns a social network platform called Twitter and is the CEO of SpaceX. Since last year, the business tycoons have been neck to neck in competition for the richest man position in Bloomberg Billionaires Index.

It puts him at the top of the Bloomberg Billionaire Index. He has been meeting up with China’s industry, commerce, and foreign ministers. It has worried authorities in the US because he has announced that he might expand his business with China as he praised the “vitality and promise” of China.

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