ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Elon Musk Once Again Pips Bernard Arnault To Become The World's Richest Man

Bernard Arnault had surpassed Elon Musk back in December when his wealth jumped due to a boom in luxury goods that also helped the LMHV's stock price.
UPDATED JAN 22, 2024
Cover Image Source: Getty Images | Britta Pedersen-Pool
Cover Image Source: Getty Images | Britta Pedersen-Pool

Elon Musk is once again the world's richest person. According to a Bloomberg Billionaires tally, Tesla CEO's worth now stands at a staggering $192 billion against LMVH CEO Bernard Arnault's $187 billion. These two centibillionaires have been taking turns for the first spot for months now. 

Arnault surpassed Elon Musk in December last year when his wealth jumped due to a boom in luxury goods that helped the LMHV's stock price. However, Musk again topped the charts when Arnault's net worth dropped following a dip in LMVH's stock last Wednesday.

Elon Musk's fortune is mostly linked to one of his businesses Tesla, the electric automaker. Musk owns a whopping 13% of the company. Musk is also the CEO of SpaceX and owner of Twitter. Musk reportedly gained more than $55.3 billion this year largely because of Testa Inc. which comprises 71% of his fortune. 

What Are Elon Musk's Other Ventures?

Getty Images | Hannibal Hanschke
Getty Images | Hannibal Hanschke

The SpaceX and Tesla CEO is also the founder of The Boring Company, and co-founder of Neuralink and OpenAI. He also bought Twitter last year. Often compared to MCU's Tony Stark Aka Iron Man, Musk is the powerhouse of today's global business landscape. 

Elon Musk's Early Life

Elon Reeve Musk was born in 1971, in Pretoria, South Africa. He was the eldest of the three siblings. Following his parents' divorce, Musk moved in with his father, who he later described as "a terrible human being...almost every evil thing you could possibly think of, he has done", he told Rolling Stones.

He has also been open about how he was bullied as a child. "They got my best friend to lure me out of hiding so they could beat me up. And that hurt,” Musk said. “For some reason, they decided that I was it, and they were going to go after me nonstop. That’s what made growing up difficult. For a number of years, there was no respite. You get chased around by gangs at school who tried to beat the (expletive) out of me, and then I’d come home, and it would just be awful there as well." he said as per The Washington Post.

How Did Elon Musk Get So Rich?



 

His jump in wealth is directly linked to his ownership stake in the electric carmaker Tesla. But how did he reach here? Musk sold the first commercial software game, Blastar, developed by him in 1983 for $500. In 1995, he launched a city guide called Zip2, which immediately become popular. Musk sold the company for $300 million four years later. 

Dollars Made Him More Dollars

Getty Images | Larry Busacca
Getty Images | Larry Busacca

Musk used the money he made from  Zip2 to launch X.com, an online payment platform that merged with another start-up and formed Paypal. In 2002, PayPal was bought by eBay making Musk almost $1.5 billion. He then launched Tesla, SpaceX, and SolarCity. He also owns the Boring Company, which makes tunnels and transportation systems. 

What Is Elon Musks Contribution to The Society?

Getty Images | Larry Busacca
Getty Images | Larry Busacca

Elon Musk has been actively designing and investing in things ever since he was a teenager and his inventions have changed the 21st-century world.

Musk and Mars

Musk designed rockets that could be reused. His main motto was to enable the colonization of Mars and since then the company has flown six cargo resupply missions to the International Space Station, as per CNBC.

Hyperloop

This is a transportation system first proposed by Musk in 2013, which is still in its prototype stages. The rail system is planned to work in a tube with extremely low pressure. 

Web-Based Phone Calls

Musk conceived this idea in 1997, which was a less intricate version of today's video calling. Look where we are today!

MORE ON MARKET REALIST
Many everyday essentials have been impacted by the recalls issued in the past couple of months.
21 hours ago
Apart from being expensive, the violin held immense sentimental value for the guest as well.
23 hours ago
The Chinese Tang Dynasty Marble Lion, which stunned the expert, fetched a $180,000 appraisal.
1 day ago
The White SUV was kept hidden from the public eye by Simpson's ex-agent who contacted Rick Harrison
1 day ago
The former Presidential candidate was a one-day champion on the show.
1 day ago
Harrison mentioned that Houdini was one of the best performers ever.
2 days ago
The collection, which was probably bought for about $100, fetched an astounding valuation.
3 days ago
While the Sharks saw merit in All33's chair, they were choking on its sky-high valuation.
3 days ago
Mark Fitzpatrick candidly shared a step-by-step approach to reaching the main stage of Jeopardy!
3 days ago
The couple had multiple offers from different sharks who were fighting over a deal with them.
3 days ago
The expert said, 'in all my years on the Roadshow, it's probably the most exciting find I've had."
4 days ago
Viewers were surprised to see a clue about neopronouns on the popular game show.
4 days ago
The co-host didn't let it deter her and she ran to join the contestant in celebration.
4 days ago
Everyone was surprised when Cuban immediately accepted the counteroffer from the founders.
4 days ago
The guest's precious family heirloom held more than just sentimental value.
5 days ago
The guest explained an inscription on the artwork before the expert revealed something more.
5 days ago
The item was from prohibition era and that raised eyebrows in the pawn shop.
6 days ago
The extraordinary item once belonged to one of the most dynamic leaders of the U.S.
6 days ago
The appraiser explained that Remington was one of the most important Western artists of the century
6 days ago
Rick Harrison paid the price for having a conscience that didn't let him rip off the guest.
7 days ago