Elon Musk regains world's richest position after visit to China

Last year, billionaire Elon Musk became the first person in the world to lose $200 billion in net worth, losing the title of world's richest person to French luxury tycoon Bernard Arnault in December.

In the past seven months, billionaire Elon Musk has lost this title three times to the owner of luxury fashion empire LVMH and won it back once in February this year. On May 31, he officially won this title again, 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, an important 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.

Meanwhile, Mr. Musk has made 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 Mr. 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 risen 66% year to date.

According to the Bloomberg Billionaire Index, Mr. Musk's assets are now valued at about $192.3 billion, while Mr. Arnault's assets have dropped to about $186.6 billion from $192 billion .

Nguyen Tuyet (According to Bloomberg, India Times)

Source: https://www.nguoiduatin.vn/elon-musk-lay-lai-vi-tri-giau-nhat-the-gioi-sau-chuyen-tham-trung-quoc-a610552.html