Last year, billionaire Elon Musk became the first person in the world to lose $200 billion in net worth, losing his title as the world's richest person to French luxury tycoon Bernard Arnault in December.
In the past seven months, billionaire Elon Musk has lost the title three times to the owner of luxury fashion empire LVMH and regained it once in February this year. On May 31, he officially regained the title once more, after LVMH shares fell 2.6% in trading in Paris.
Confidence in the luxury sector is starting to fade amid signs of slowing economic growth, especially in China, a key market for many LVMH brands such as Louis Vuitton, Fendi and Hennessy.
LVMH shares have fallen about 10% since April, at one point wiping $11 billion off Mr. Arnault’s net worth in a single day.
Musk, meanwhile, has gained more than $55.3 billion this year, largely thanks to the recovery of his electric car company Tesla. Tesla shares rose more than 4%, adding $4.86 billion to Musk’s fortune on May 30 after the CEO made a surprise visit to China. The Austin-based automaker, which accounts for 71% of his fortune, has gained 66% so far this year.
According to the Bloomberg Billionaire Index, Mr. Musk's fortune is now valued at about $192.3 billion, while Mr. Arnault's fortune has dropped to about $186.6 billion from $192 billion .
Nguyen Tuyet (According to Bloomberg, India Times)
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