Elon Musk, the CEO of Tesla, surpassed Bernard Arnault, the head of LVMH, to become the world’s richest person on Thursday. This achievement came after Musk briefly lost the title to Arnault overnight when LVMH shares surged in morning trading in Europe.
Musk’s estimated net worth reached $210.4 billion on Thursday, surpassing Arnault’s $209.4 billion estimated net worth. Musk’s net worth increased by $1.8 billion as Tesla shares traded up nearly 2% that afternoon, with Musk owning a 13% stake in the electric vehicle maker.
The trio of Musk, Arnault, and Bezos have been trading the title of the world’s richest person over the past few months. Amazon’s stock has been trading up more than 3% in the past three months, while Tesla and LVMH have seen slides of 1.4% and 8% over the same period, respectively. Musk’s net worth is largely tied up in equity he owns in his private companies like SpaceX and xAI. There is potential for Musk’s net worth to rise significantly if Tesla shareholders vote to reinstate his $50 billion pay package next week, which could increase Musk’s equity in Tesla from 13% to 22%.
The vote is expected to take place as Musk challenges a Delaware judge’s ruling that voided the payout in January due to concerns about conflict of interest and Musk’s influence on the company’s board. If successful, this would mark another milestone for Musk as he continues to push boundaries and redefine what it means to be an entrepreneur in today’s world.
