Winning Bizness Desk
Mumbai. SpaceX and Tesla owner Elon Musk has once again become the richest businessman in the world by overtaking French billionaire and Louis Vito Moet Hennessy (LVMH) CEO Bernard Arnault and Amazon founder Jeff Bezos. Musk's net worth has increased due to artificial intelligence startup X.AI, which has raised $6 billion (Rs 50 thousand crores) at a pre-money valuation of $18 billion (Rs 1.50 lakh crores). Notably, Musk formed this AI company on March 9, 2023. According to Forbes' Real Time Billionaires List, Elon Musk's net worth is $209.7 billion (about Rs 17.48 lakh crore), while Bernard Arnault's net worth is now $200.7 billion (about Rs 16.61 lakh crore). Arnault, who was at number one for 4 months, has now come to number three. At the same time, Jeff Bezos is at number two with a net worth of about Rs 16.73 lakh crore.
No one from India in the top ten
No billionaire from India is included in the top ten in this list. However, Reliance Industries Chairman Mukesh Ambani is at the 11th position with a net worth of $113.5 billion (about Rs 9.46 lakh crore) while Gautam Adani is at number 18 in the list having net worth of $86.3 billion (Rs 7.19 lakh crore) in his bank balance.
Tesla's stock has seen a decline
Musk's company Tesla's stock has seen a decline of more than 28% so far this year. It was at $248.42 on January 1, which has now come down to $177.03 till May 29. But, Musk benefited from the sudden decline in Bernard's company LVMH's stock. LVMH's stock has seen a decline of more than 6% this month.
Who is Bernard Arnault?
Bernard Arnault is considered the godfather of the modern luxury fashion industry. He is the founder, chairman and largest shareholder of the world's largest fashion group Louis Vuitton Moet Hennessy. Bernard's group is about four times bigger than its closest competitor Kering in terms of market cap. LVMH has 75 luxury brands in its 60 subsidiaries.
