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 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 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.