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In 3-Way Race For World's Richest, A Vote Propels Elon Musk Back To #1

Photo : Reuters

Elon Musk, Jeff Bezos, and Bernard Arnault have been dominating the Bloomberg Billionaires Index rankings for the majority of the year, with their positions often in flux. Since May 29, these billionaires have swapped places six times, showcasing a dynamic competition at the pinnacle of global wealth.

Elon Musk, the 52-year-old CEO of Tesla and SpaceX, surged back to the top spot on Monday with a net worth of $210.1 billion. This marked only the second time he regained the position since early March. The boost came after Tesla shareholders re-approved Musk's 2018 compensation package, which had faced legal challenges in Delaware. Additionally, Tesla's decision to move its state of incorporation from California to Texas relieved investor concerns over Musk's potential departure, contributing to a rally in Tesla's stock price.

Musk's fortune has also been bolstered by a new funding round valuing his artificial-intelligence venture, xAI, at more than $24 billion. He holds a significant 65% stake in the company, which uses data from social media to train its chatbot, Grok.

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Meanwhile, Bernard Arnault, the 75-year-old chairman and CEO of LVMH (Moët Hennessy Louis Vuitton), briefly held the top position for much of the past three months but slipped to third place with a net worth of $200.4 billion. His wealth saw a decline of nearly $13 billion following a surprise election call in France by President Emmanuel Macron, which triggered market turmoil in the country.

Jeff Bezos, the 60-year-old founder of Amazon, currently stands in second place with a net worth of $206.6 billion. He has reclaimed the top spot three times since May 29, benefitting from Amazon's robust performance amid a broader rally in the tech sector. Amazon's shares have been trading near record highs, contributing significantly to Bezos' wealth accumulation.

The fluctuation in rankings among Musk, Bezos, and Arnault underscores the volatility and competitiveness at the pinnacle of global wealth, driven by market dynamics, corporate decisions, and broader economic factors influencing their respective fortunes.

June 19, 2024 12:19 p.m. 439

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