The head of luxury goods giant LVMH, Bernard Arnault, has been knocked from the top spot by Elon Musk, who has reclaimed his title as the world’s richest person.
Due to a rise in the value of his electric car company Tesla, his net worth has increased by $55.3bn (£44.44bn) since January, reaching $192bn.
Bloomberg’s Billionaires Index shows that Mr. Arnault’s wealth has decreased by $24.5 billion to $187 billion.
Bill Gates and Jeff Bezos come in third and fourth, respectively, after him.
When shares in LVMH increased as luxury goods demand rebounded in December, Mr. Arnault, 74, had surpassed Mr. Musk, 51, on the list of the wealthy.
Shares of Tesla, the company from which Mr. Musk derives the majority of his wealth, fell precipitously at the same time amid worries that his leadership was being harmed by his acquisition of Twitter.
However, since the beginning of the year, Tesla shares have increased by almost 92 percent as investor jitters have subsided and Mr. Musk has announced the appointment of a new CEO for Twitter.
Tesla is benefiting from the rise in interest in artificial intelligence, and Mr. Musk’s visit to China this week to discuss the company has generated excitement as well.
LVMH – which owns brands including Louis Vuitton and Christian Dior – has gone into reverse, by contrast of this happening.
Its shares have dropped significantly and are down 16% year to date after reaching a record high in April.
With a net worth of $146 billion, Amazon founder Jeff Bezos is ranked third in the world, according to Bloomberg while Microsoft co-founder Mr. Gates is valued at $126 billion.
Source-BBC
