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Elon Musk Reclaims Title as World’s Wealthiest Individual

Elon Musk Reclaims Title of World’s Richest Person from Bernard Arnault

Elon Musk, CEO of Tesla Inc., has once again become the world’s wealthiest individual. On Wednesday, Musk surpassed luxury tycoon Bernard Arnault as shares of Arnault’s LVMH fell by 2.6% in Paris trading.

Throughout this year, Musk and the 74-year-old Frenchman have been in close competition for the top position in the Bloomberg Billionaires Index, which ranks the world’s 500 richest individuals.

Arnault had initially overtaken Musk in December, benefiting from the resilience of the luxury industry as the tech sector faced challenges. LVMH, the company founded by Arnault, owns prestigious brands like Louis Vuitton, Fendi, and Hennessy.

However, confidence in the luxury sector’s performance is starting to wane due to signs of slowing economic growth, particularly in China, a crucial market. LVMH shares have dropped around 10% since April, causing a one-day loss of $11 billion in Arnault’s net worth.

Meanwhile, Musk has experienced significant gains this year, primarily driven by the success of Tesla. The Austin-based automaker, which constitutes 71% of Musk’s wealth, has seen a 66% rally year-to-date. According to the Bloomberg Billionaires Index, Musk’s fortune is now estimated at approximately $192.3 billion, while Arnault’s stands at around $186.6 billion.

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