Tesla shares are up 66% this year.
After shares in his LVMH fell 2.6% in Paris trading on Wednesday, Elon Musk surpassed luxury goods tycoon Bernard Arnault to reclaim the title of wealthiest person in the world.
The CEO of Tesla Inc. and the French businessman tied for first place in the Bloomberg Billionaires Index this year, maintaining their competitive edge.
The slowdown in economic growth has affected sales of luxury goods.
Since April, LVMH shares have decreased by nearly 10%, wiping out $11 billion of Arno’s net worth in a single day as confidence in the luxury industry’s dynamism dwindled amid mounting indications of an economic slowdown, particularly in the pivotal market of China.
Musk, meanwhile, has made more than $55.3 billion this year, largely as a result of Tesla Inc., which has experienced a 66% increase in value.
Musk’s current net worth is estimated to be $192.3 billion, while Arno’s is $186.6 billion, according to the Bloomberg Billionaires Index.