On Thursday, Tesla CEO Elon Musk regained the title of the world’s richest person after briefly losing it to LVMH chief Bernard Arnault due to an increase in LVMH shares during morning trading in Europe. Musk’s estimated net worth reached $210.4 billion, surpassing Arnault’s $209.4 billion.
Tesla shares traded up nearly 2% on Thursday, with Musk owning a 13% stake in the electric vehicle company. This increase in net worth was due to Musk’s ownership of private companies like SpaceX and xAI, which have seen fluctuations in their stock prices in recent months.
Musk has been trading the title of the world’s richest person with Amazon founder Jeff Bezos and LVMH chief Bernard Arnault over the past few months. Amazon has also seen fluctuations in its stock prices, with Musk’s net worth primarily tied to his ownership in private companies like SpaceX and xAI. If Tesla shareholders vote to reinstate Musk’s $50 billion pay package next week, potentially raising his equity in Tesla from 13% to 22%, his net worth could see a significant increase.
This ongoing battle for the title of the world’s richest person showcases the dynamic nature of wealth in the modern economy as people continue to rise and fall from grace based on fluctuations in stock prices and other factors beyond their control.
