While everyone else is trying their best to be "first place" in their own endeavors, the 1% are working hard to be top dogs in terms of wealth. Although for a while, no one can seem to get past the status of billionaires Elon Musk and LVMH CEO Bernard Arnault as they go back and forth with "the richest man" title.
Elon Musk Retakes His Title
The Tesla CEO has been the richest person on the planet time and time again, with certain instances where he fell to second place losing to the Chairman and CEO of LVMH. Due to economic shifts, Musk has taken first place again.
Although, it's not entirely because of a steady rise in Musk's side. The LVMH CEO saw a decline in his net worth, going from $200 billion in April dropping to $186 billion this June. The tech mogul, on the other hand, saw an uptick.
Musk's net worth has gone up from $180 billion after his messy Twitter acquisition, to $192 billion. That's somewhat impressive considering that Twitter appears to be falling from grace as it drops to a third in value compared to its $44 billion price tag when Musk purchased it.
As reported by Gizmodo, Bernard Arnault's losing the title of the richest man in the world is due to a decline in LVMH's stock. In case you don't know, the LVMH conglomerate holds several company giants such as Louis Vuitton, Hennessy, Hermès, Dom Pérignon, and Bvlgari.
Elon Musk has Tesla to thank for most of his wealth, adding $83.8 billion to his net worth. As we know, Musk is also the CEO and founder of several other companies such as SpaceX, which accounts for $48.9 billion, and The Boring Company, which is at $3.3 billion.
Maybe his return to the top could soften the blow of Twitter's downward trajectory. The social media company's current situation is certainly not the outcome Musk had hoped for as he aims to make the platform an "everything app" that would be worth $250 billion down the road.
With a bit of luck and maybe some restraint, the tech billionaire could bring Twitter back to its former glory, maybe even beyond it. After all, he reclaimed his status as the richest man in the world while keeping quiet on Twitter for two straight days after never missing one this 2023.
Musk Accused of Insider Trading
With the tech billionaire's recent victory, other matters concerning him may be highlighted, such as accusations of insider trading. The Tesla CEO has been the target of a class-action suit that was filed on May 31st in the United States District Court for the Southern District of New York.
The complaint claims that Musk manipulated the value of DOGE through his influence on social media, calling it an "undisguised course of cryptocurrency market manipulation," as mentioned in Coin Telegraph. That includes the brief Dogecoin period on Twitter where the logo was changed.
