By one measure, Elon Musk has fallen into second place in world wealth rankings
By Steve Goldstein
What China gives, China can take away.
According to Forbes, LVMH Moet Hennessy Louis Vuitton CEO Bernard Arnault is again the world's richest person, surpassing Elon Musk, with a net worth of $208.5 billion compared to Musk's $204.7 billion.
The Bloomberg Billionaires Index has slightly different figures, that keep Musk on top at $199 billion and Arnault in third at $183 billion, with Jeff Bezos in second at $184 billion.
Tesla stock (TSLA) has tumbled 26% this year, in part due to the increasingly competitive China electric vehicle market. Tesla last week warned electric vehicle sales growth may slow this year as it withdrew a longer-term volume target. Musk has argued that he needs more control over Tesla and has threatened to put artificial intelligence and robotics into a separate company.
Meanwhile, LVMH shares (FR:MC) rallied after its latest results. The luxury goods giant said its Asia business excluding Japan saw organic revenue growth of 15% in the fourth quarter.
Also read: LVMH leads luxury shares rally following record 2023 results despite market slump
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
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01-29-24 0622ET
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