Musk has overtaken fashion icon, Bernard Arnault to become the world’s richest person on earth, following the end of Wednesday’s trading session.
This news is according to the Bloomberg Billionaires balance sheet, which estimates that the net worth of Tesla’s Elon Musk is now worth around $192 billion, while LVMH CEO Bernard Arnault has a net worth of $187 billion.
The two “centi-billionaires,” as those worth above $100 billion are known, have been competing for the top slot for months.
According to Bloomberg’s Billionaires Index calculations, Arnault’s fortune fell this week after LVMH shares fell on Wednesday.
LVMH is one of the world’s largest companies, with brands such as Louis Vuitton, Dior, and Celine. Arnault surpassed Musk in December as his fortune expanded with the luxury sales boom that helped boost LVMH’s share price. While, Elon Musk’s wealth is directly tied to that of electric car maker Tesla, which has helped him climb the world’s billionaire list exponentially in recent years. His biggest asset is the company’s stock, which he owns about 13% of, according to Bloomberg
Apart from Tesla, Musk is the CEO of the space exploration company SpaceX and the owner of the social network, Twitter. LVMH shares are up 19.7% year-to-date, while Tesla shares are up 65.6% year-to-date.
Tesla shares closed Wednesday at $203.93, up 1.38%.