Tesla CEO Elon Musk becomes world's richest person again, overtakes French tycoon Bernard Arnault
Elon Musk becomes world's richest person again, overtakes Arnault
Tesla CEO Elon Musk once again becomes the world's richest man after shares of French tycoon Bernard Arnault fell 2.6 per cent on Wednesday. The two billionaires have been in a constant neck-and-neck fight for the top spot in Bloomberg's Billionaire Index.
The Bloomberg Billionaires tally predicted Tesla's CEO's current net worth to be $192 billion, compared to Arnault's $187 billion.
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 per cent, Tesla's shares have risen 65.6 per cent in the year to date. This year, Musk has gained more than $55.3 billion mainly because of Tesla.
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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.
Musk's unannounced visit to China: A hot topic
This newscomes as Musk embarked on an unannounced visit to China, aiming to strengthen and expand his business in China.
He arrived in Beijing on Tuesday. This is Musk's first trip to China in over three years.
The Chinese Foreign minister met Musk after he landed, the ministry said in its statement.
However, the details of the talks between the two areyet to be made public. Still, the statement cited Qin telling Musk that China is committed to creating a better market orientation business and international business environment for foreign enterprises.
Musk responded that "Tesla opposes breaking chains and is willing to continue expanding its business in China."
The chairman of China’s largest battery manufacturer CAT, Zeng Yuqun, also hosted a dinner for Musk, whosevisit to the Asian country has been a hot topic.
Apart from Elon Musk, Starbucks’ Laxman Narasimhan and JP Morgan's Jamie Dimon are also visiting the communist country this week. In March, Apple CEO Tim Cook also paid a visit.
The visit comes amidst the automaker giant has been facing problems in China regarding the expansion of its Shanghai plant due to its data concerns.
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