Elon Musk, the renowned CEO and tech tycoon, has once again secured the position of the world’s richest person with a net worth of $192 billion, surpassing Richard Arnault, the CEO of LVMH.
Despite Twitter’s valuation being only a third of what Musk paid for it, the recent developments have propelled him back to the top.
According to Bloomberg’s Billionaire Index, Musk’s net worth recently climbed to $192 billion, edging out Richard Arnault, who holds a net worth of $187 billion as the CEO of LVMH. As reported by CNN Business, the two billionaires have been engaged in a back-and-forth battle for months. Musk initially claimed the title in February, only for Arnault to reclaim it in April with a net worth exceeding $200 billion. However, Arnault’s wealth dipped this week due to a decline in LVMH’s stock value, as the company is known for its production of high-end Louis Vuitton goods and Dom Perignon champagne. Jeff Bezos, the executive chairman and founder of Amazon, currently ranks third with a net worth of $144 billion.
Bloomberg’s calculations highlight the significance of Tesla in Musk’s wealth, with $83.8 billion of his net worth attributed to the publicly traded electric vehicle company. This is followed by SpaceX, which contributes $48.9 billion to Musk’s total wealth, and Twitter, accounting for $8.08 billion. The Boring Company, one of Musk’s ventures, is valued at $3.33 billion, while miscellaneous assets contribute to the remaining portion, summing up to a total net worth of $192 billion.
Interestingly, Musk regained his status as the richest man during a period of restraint, refraining from posting any tweets for 48 hours. This unintentional silence served as a reminder of his immense value. It is worth noting that this two-day break marks the longest period of Twitter abstinence for Musk this year. As Bloomberg reports, Musk had tweeted every single day of 2023 until May 29, just before his visit to China. Given that Twitter is banned in China, it would have been unfavorable for the CEO to tweet via a VPN while engaging with government officials. The last time Musk took a break from Twitter was in June 2022, when he contemplated divesting from the platform after expressing his interest in acquiring it.
In April 2022, Musk and Twitter reached an agreement for him to acquire the platform, solidifying his position as the world’s wealthiest individual. However, over the summer, there were speculations and uncertainties regarding the deal. Nonetheless, Musk persevered, officially taking over Twitter in November 2022, albeit with mixed results. Within less than a year, the platform has noticeably declined in quality, prompting Musk to appoint Linda Yaccarino as the CEO to steer the company forward.
As Musk continues to navigate his business ventures and maintain his status as the world’s richest man, his strategic decisions and influence continue to shape the tech and entrepreneurial landscape.
