Elon Musk, the chief executive and owner of Twitter, again holds the position of the richest person on the planet according to the Bloomberg Billionaires Index. A minor 2.64% retreat in the shares of the LVMH group, led by Bernard Arnault, briefly altered the ranking, pushing Arnault into second place. These movements reflect the ongoing tug-of-war between tech and luxury sectors in the global wealth landscape.
Based on the latest billionaire rankings, Musk’s estimated net worth sits near $192,000 million (about €179,691 million). In the most recent trading session, his fortune rose by around $1,980 million (€1,853 million), keeping him well above the $55,000 million milestone that has marked his ascent so far in 2023. This trajectory underscores the resilience of Musk’s stake in high-growth ventures, even as market volatility persists across major indices. [Bloomberg]
Arnault, by contrast, is estimated to own roughly $187,000 million (about €175,012 million). His fortune declined by roughly $5,250 million (€4,913 million) in the last day, yet the year-to-date gains exceed $24,000 million (€22,461 million), highlighting the strong performance of the luxury sector amid shifting economic dynamics. [Bloomberg]
On the day in question, LVMH shares closed down by 2.64% in a session that mirrored a broader rotation away from some luxury stocks, while Tesla shares rose by about 1.38% as Musk’s influence over the electric-vehicle maker remains a key driver for investors. As of 2023’s year-to-date performance, LVMH had advanced roughly 17%, with Tesla climbing around 88%, illustrating divergent momentum between luxury consumption and electric mobility within global markets. [Bloomberg]
Historical context shows that Bernard Arnault briefly overtook Musk on the wealth leaderboard last December, signaling how shifts in market sentiment between technology and luxury goods can reorder rankings. The juxtaposition also mirrors broader sectoral trends, where the luxury segment has demonstrated a steadier growth trajectory in certain periods, even as tech remains highly sensitive to interest-rate moves and macroeconomic news. [Bloomberg]
Looking ahead, market watchers note potential headwinds from a slower pace of economic activity in key regions. In China, for instance, expectations of reduced acceleration due to central-bank policy moves and softer growth figures could dampen luxury demand. This dynamic may exert downward pressure on LVMH’s price in the near term, even as the luxury sector retains long-term appeal. In contrast, the tech sector, including firms connected to Musk, could experience renewed volatility depending on policy signals, consumer demand, and innovation cycles. [Bloomberg]