The Tesla Inc. chief executive officer surpassed luxury tycoon on Wednesday May 31, after shares of Arnault’s LVMH fell 2.6% in Paris trading.
Musk and Arnault have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.
Arnault, the 74-year-old French business tycoon had first surpassed Musk in December last year as the tech industry was struggling and luxury showed resilience in the face of inflation.
He founded LVMH, one of the world’s largest conglomerates, and owns luxury brands like Loius Vuitton, Dior, and Hermes.
According to CNN, while LVMH’s shares are down 19.7 percent, Tesla’s shares have risen 65.6 percent in the year to date.
This year, Musk has gained more than $55.3 billion mainly because of Tesla.
Now as Bloomberg marks Musk at the top, Forbes’ The Richest People In The World list on the other hand, still puts Musk at the second spot with a net wealth of $180 billion and Arnault is at the first rank with a staggering net worth of $211 billion.
According to the Bloomberg news agency, faith in the luxury sector’s buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China.
Shares of LVMH tumbled about 10% since April, at one point wiping $11 billion from Arnault’s net worth in a single day.
However, Elon Musk has gained more than $55.3 billion this year, largely because of Tesla Inc.
The Austin-based automaker — which comprises 71% of his fortune — has rallied 66% year-to-date.
According to the Bloomberg Billionaire Index, Elon Musk’s fortune is now valued at about $192.3 billion while Arnault’s is about $186.6 billion.