Elon Musk net worth balloons; now $54B richer than Bernard Arnault

July 07, 2023 04:44 AM PDT | By Invezz

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Elon Musk net worth balloons; now $54B richer than Bernard Arnault — Image source: Invezz

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Elon Musk’s net worth has broken out, helped by the surgeon Tesla stock price and SpaceX valuation. Data compiled by Bloomberg pegs Musk’s net worth at $244 billion, meaning he has added over $107 billion to his wealth this year. Forbes, on the other hand, calculates his net worth at $247 billion.

Elon Musk has also passed Bernard Arnault, the head of LVMH, who was recently the richest man in the world. Today, Bernard has a net worth of over $190 billion, meaning that Elon Musk is $54 billion richer.

Tesla stock vs LVMH

Musk’s health has been helped by the soaring Tesla stock, which has jumped by over 155% this year. Its market cap has jumped to over $895 billion. Tesla has done well this year as it ramped up production and reduced its prices to boost its market share.

This week, the company announced that it delivered over 466k vehicles in the second quarter. This was an 835 increase from the same quarter in 2022. The company has now delivered over 906k vehicles this year, as we wrote here.

Elon Musk’s wealth also increased because of the soaring valuation of SpaceX, the biggest company in the space industry. The company is now raising capital at a $150 billion valuation, which is much higher than its previous $127 billion valuation.

Musk has also seen his wealth rise thanks to his ownership of Neuralink, a company that is building a brain implant. According to CNBC, the company is now worth over $5 billion despite having no sales.

Bernard Arnault, on the other hand, saw his wealth soar this year after the company published strong results. Now, there are concerns that LVMH’s growth will come under pressure as China’s economy falters and as France’s chaos continues.LVMH share price has dropped by almost 10% from its highest level this year.

The post Elon Musk net worth balloons; now $54B richer than Bernard Arnault appeared first on Invezz.

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