The net worth of Mr. Elon Musk, CEO of electric car company Tesla, has increased by nearly 100 billion USD since the beginning of the year…

Elon Musk – Photo: Bloomberg.

The net worth of Mr. Elon Musk, CEO of electric car company Tesla, has increased by nearly 100 billion USD since the beginning of the year, helping him stand firmly at No. In second place is founder Jeff Bezos of e-commerce company Amazon.

Ranking the 500 richest people in the world Bloomberg Billionaires Index shows that Mr. Musk’s net worth is currently at 234 billion USD, an increase of 96.8 billion USD compared to the beginning of the year. Meanwhile, Mr. Bezos “earned” $49.3 billion since the beginning of the year, currently holding a net worth of $156 billion, $78 billion less than Mr. Musk – a big gap.

This year, the positions in the top 3 richest people in the world have been swapped several times between Mr. Musk, Mr. Bezos, and French luxury goods tycoon Bernard Arnault.

Most recently, on October 16, Mr. Arnault – founder and CEO of LVMH Group – dropped to 3rd place in the ranking, surpassed by Mr. Bezos to take the 2nd position. Mr. Arnault’s assets has dropped nearly $7 billion since last Wednesday, when LVMH reported slowing revenue growth.

Mr. Arnault – once the richest man in the world – currently holds $155 billion in net assets.

Fluctuations in the ranking of world billionaires always closely follow developments in the stock market, because shares in listed companies account for a major proportion of the assets of ranked billionaires.

Mr. Arnault surpassed Mr. Musk to become the richest person in the world at the end of 2022, a time when technology stocks including Tesla were sold off by investors due to concerns about high inflation, while luxury stocks were sold off. Strong buying as high-end brands reported spectacular growth.

In May this year, Mr. Arnault was again surpassed by Mr. Musk, when Tesla shares in particular and technology stocks in general rose sharply thanks to expectations that deescalating inflation would lead to central banks soon stopping their increases. interest rate. If calculated since the beginning of the year, Tesla shares are currently up nearly 106%, while Amazon shares are up 58%.

Meanwhile, LVMH shares have fallen 1.9% since the beginning of the year due to the worsening global economic picture, especially China’s economy, affecting the luxury goods business. This drop in stock price caused Mr. Arnault’s wealth to increase by only $1.9 billion from the beginning of the year until now.

LVMH shares fell a total of about 10% in three consecutive trading sessions last week when the group released its third-quarter financial report.