Bernard Arnault Overtakes Elon Musk To Become World’s Richest Again

Topline

Bernard Arnault, the French billionaire and CEO of luxury conglomerate LVMH, overtook Elon Musk to become the world’s richest person on Thursday after shares in his company surged nearly 1.5% in morning trading in Europe.

Key Facts

Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.

Big Number

5.5%. That is how much LVMH shares have risen since the start of the year. In comparison, Tesla shares—which make up about one-third of Musk’s fortune—are down nearly 30% since the start of 2024.

Key Background

After taking back the second place spot from Amazon founder Jeff Bezos in May, Musk vaulted past Arnault later that month after his artificial intelligence startup xAI raised $6 billion at an $18 billion pre-money valuation. After the latest funding round, Forbes estimates Musk’s stake in xAI is worth $14.4 billion.

Further Reading

ForbesTesla Shareholders Vote On Elon Musk’s $50 Billion Pay Package Next Week-Here’s What’s At StakeBy Derek SaulForbesBezos Reclaims World’s 2nd-Richest Title From Musk-As Net Worth Tops $200 BillionBy Brian Bushard