Bernard Arnault Overtakes Elon Musk as World’s Richest

French billionaire Bernard Arnault, renowned for his leadership at luxury goods conglomerate LVMH, has once again ascended to the pinnacle of wealth, surpassing Elon Musk to reclaim the title of the world’s richest individual. This development transpired on Thursday as LVMH’s shares experienced a robust surge of nearly 1.5% during morning trading in Europe.

Arnault’s estimated net worth now stands at a staggering $210.1 billion, edging past Tesla’s CEO Elon Musk, whose fortune currently sits at $208.6 billion. The French magnate’s wealth experienced a notable increase of $7.7 billion on Thursday alone, a result of LVMH’s shares soaring by 1.45% to reach $830 (€763.50).

A significant factor in Arnault’s resurgence is the remarkable 5.5% uptick in LVMH shares since the commencement of the year. This stands in stark contrast to Tesla, where shares—representing approximately one-third of Musk’s wealth—have plummeted by nearly 30% since the year began.

This latest turn of events marks a reversal from May when Musk overtook Arnault after his artificial intelligence startup, xAI, secured a monumental $6 billion in funding at an $18 billion pre-money valuation. This funding round elevated Musk’s stake in xAI to an estimated worth of $14.4 billion, propelling him past Arnault and reclaiming the second-place spot from Amazon’s Jeff Bezos.

Bernard Arnault’s reclamation of the title of world’s richest individual underscores the dynamic nature of wealth accumulation and the enduring volatility of global financial markets.