Quick edit: Musk’s the richest
The latest shuffle has taken place right at the pinnacle, with Elon Musk dislodging Bernard Arnault to regain his position as the world’s richest person
PremiumThe world’s richest people have seen their fortunes turn quite dramatically in recent times as global financial markets negotiate through several economic uncertainties, including those caused by the ongoing Russia-Ukraine war. The latest shuffle has taken place right at the pinnacle, with Elon Musk dislodging Bernard Arnault to regain his position as the world’s richest person. His wealth, according to the Bloomberg Billionaire Index, has shot up to $192.3 billion, while that of Arnault stands at $186.6 billion. Shares of LVMH, the company Arnault founded, have slumped 10% since April. LVMH owns Louis Vuitton, Fendi and Hennessy. The company has suffered as demand for luxury goods has weakened, hurt by the slowdown globally, China in particular, whose rising population of the rich have made it a key market for marquee brands. On the other hand, Musk has had a mixed bag. The value of Twitter, which he bought for $44 billion, has dropped to just about a third, according to Fidelity. Still, his wealth has grown by more than $55 billion this year, thanks mainly to Tesla. Should Twitter’s losses near their end, Musk could even extend his lead.
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