Elon Musk, the charismatic founder of Tesla Inc., has recaptured his title as the world’s richest person, overtaking luxury tycoon Bernard Arnault.
The two have been locked in a tight race for the top slot in the Bloomberg Billionaires Index. This challenge began in December, when Arnault overtook Musk on the list due to the technology industry’s struggles and the luxury sector’s resilience in the face of inflation.
Arnault, CEO of heavy-hitter LVMH, owns a number of important luxury brands, including Louis Vuitton, Fendi and Hennessy. However, although the sector appeared strong, faith in the dynamism of luxury goods has been waning given increasing signs of slowing economic growth in places like China. Lvmh’s shares have dropped nearly 10% since April and wiped out $11 billion of Arnault’s wealth in one single day.
Meanwhile, Musk’s networth has surged thanks to a 66% surge in Tesla’s stocks. His fortune is now valued at around $192.3 billion, while Arnault sits at a close second with $186.6 billion.
Today, Musk remains the poster child of tech innovation and gamble taking, while somehow managing to prove even more successful despite economic uncertainty caused by the coronavirus pandemic. He is a testament to the power of ambition, hard work, and risk-taking in the business world, and confirms that ensuring the future of one’s endeavor can result in some pretty impressive rewards.