- Elon Musk has reclaimed his title as the world’s richest person with a net worth of around $233 billion, surpassing Bernard Arnault, the CEO of LVMH, who holds a net worth of $202 billion. This comes after Musk’s earlier stint as the top billionaire was interrupted by Arnault a few months ago.
- The bulk of Elon Musk’s wealth comes from Tesla, his electric car company, estimated at $107 billion
- Despite facing fluctuations in his billionaire status, Elon Musk’s Tesla shares have continued to gain momentum, especially after he acquired Twitter. Notably, Tesla stock hit a two-year low in November 2022, reaching $167.87, but has rebounded.
Elon Musk has once again solidified his position as the world’s wealthiest individual as of June 18, 2023.
According to an updated Bloomberg Billionaires Index report, Tesla’s Elon Musk now boasts a net worth of around $233 billion, surpassing LVMH CEO Bernard Arnault, who has a net worth of $202 billion. This development comes after Musk’s earlier ascent to the top spot, with Arnault relegating him to second place a few months ago.
Elon and Arnault have been engaged in a fierce battle for the number-one position for several months now, especially since Arnault initially claimed the top spot in March of this year.
How did Elon Musk reinforce billionaire status?
A breakdown of Elon Musk’s net worth reveals that the majority of his wealth stems from his electric car company, Tesla, estimated at $107 billion.
The 51-year-old billionaire’s private assets in Space Exploration Technologies Corporation currently amount to $48.9 billion, while his ownership of The Boring Company adds $3.3 billion. Musk’s recent acquisition of Twitter further boosts his net worth, with the social media platform serving as a private asset worth $8.80 billion.
Recall that in April 2022, Musk offered to acquire Twitter Inc for a staggering $44 billion. After a series of negotiations, the deal was finalized in October 2022.
As of May 2022, the CEO of Twitter owned about 79% of the company’s stock, based on information disclosed by external investors.
At the time of this report, Tesla shares were trading at $206.54, up by 1.81%.
Meanwhile, Elon’s formidable competitor, Bernard Arnault, currently holds an estimated wealth of $202 billion. As the chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods manufacturer, Arnault possesses approximately half of LVMH, which recorded revenues of €79.2 billion ($83.4 billion) in 2022.
Key Takeaways
Elon initially surrendered his title as the world’s richest person to Arnault when his net worth experienced a $2 billion decline.
However, he has recently regained momentum. According to Bloomberg, Musk made a comeback with a staggering $192 billion in net worth after Arnault’s shares experienced a considerable drop due to a decline in LVMH.
Despite the fluctuations, Musk’s Tesla shares have continued to gain momentum, particularly following his acquisition of Twitter, even though Tesla stock hit a two-year low in November 2022, reaching $167.87, its lowest point since November 2020.
