Musk removed Arno as the richest man in the world

According to a report by Business Insider, there has been a notable change in the Bloomberg Billionaires Index ranking of billionaires: Elon Musk has again taken first place, beating Bernard Arnault.

In May, the fortune of Tesla CEO Elon Musk increased thanks to the rise in the price of Tesla shares, while the shares of LVMH, which is managed by Bernard Arnault, fell by almost 3%.

Due to a significant drop in stock prices, Bernard Arnault's personal fortune has fallen by more than $5 billion, while Elon Musk's fortune has grown by almost $2 billion thanks to Tesla profits.

Initially, in January 2021, Elon Musk was ranked first as the richest person in the world, then the positions switched with Bernard Arnault and Amazon founder Jeff Bezos. Elon Musk is currently worth $192 billion.

During May, Tesla's share price rose 26% after investors calmed down and began to pay more attention to Tesla instead of Twitter with the appointment of a new CEO of the social network. This led to an increase in investment in shares of the electric car manufacturer.

The 6% decline in LVMH shares in May is due to the slowdown in consumer spending growth in the US and China, which had a negative impact on European luxury brands. As a result, Bernard Arnault is currently worth $187 billion and is still the second richest person in the world, ahead of Jeff Bezos with $144 billion.