Elon Musk regains top spot as world’s richest person

Elon Musk has once again become the richest person in the world.

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Musk overtook Bernard Arnault, the CEO of LVMH, after LVMH’s shares dropped by 2.6% on Wednesday.

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Musk and Arnault have been competing for the top spot on the Bloomberg Billionaires Index throughout this year.

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Musk’s wealth has increased by more than $55.3 billion this year, mainly due to the success of Tesla.

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Tesla’s stock has risen by 66% since the beginning of the year and makes up 71% of Musk’s fortune.

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Musk is now worth approximately $192.3 billion, while Arnault’s net worth is around $186.6 billion.

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Arnault first overtook Musk in December when the tech industry was struggling and luxury goods were performing well despite inflation.

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Louis Vuitton Moët Hennessy (LVMH), which Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy.

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However, confidence in the luxury sector is now declining due to concerns about economic growth, especially in China.

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LVMH’s stock has fallen by about 10% since April, causing Arnault to lose $11 billion in a single day.

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