Tesla-Boss Elon Musk (51) and LVMH-Boss Bernard Arnoldt (74) are in an illustrious race to the top of the Bloomberg Billionaires Index this year. It was only in December that the CEO of the French luxury group replaced the US billionaire at the top of the world’s richest people – tech companies were struggling at the time, their share prices came under pressure. The luxury sector, and with it the LVMH share, proved to be much more resistant to the effects of inflation.
On Wednesday, the extroverted Tesla boss, who is also the owner of Twitter, pushed Arnault back from the top position. The reason is mainly to be found on the stock exchange: Since the beginning of the year, Tesla shares have increased by around 66 percent and thus significantly increased Elon Musk’s assets – by $ 55.3 billion to be exact. as Bloomberg reports
. Although the LVMH share also rose by double digits in the same period, it was by no means as strong as the electric car manufacturer’s shares. Musk held around 13.4 percent of Tesla at the end of last year.
Musk’s fortune is now valued at $192.3 billion, according to Bloomberg, while the business news agency put Arnault’s net worth at $186.6 billion. Tesla shares represent 71 percent of Elon Musk’s fortune, according to Bloomberg.
Analysts believe that one reason for the weaker price performance of LVMH shares is that investors’ belief in the upswing in the luxury sector is starting to wane as signs of a slowdown in economic growth mounted – particularly in China, which is considered an important market for luxury goods is applicable. This is one of the reasons why LVMH shares have recently come under pressure again and have lost around 10 percent in value since April.