The Elon Musk rocket has taken off again. After a hectic 2022 and marked by the complicated takeover of Twitter, the Tesla boss has restarted the year 2023 in a big way.
The American billionaire who had ceded his title of richest man in the world to Frenchman Bernard Arnault last December has just regained his crown. In the Bloomberg ranking, Elon Musk is now rewarded with a net worth of 187 billion dollars against 185 for the head of LVMH.
If Bernard Arnault has seen his wealth increase by more than 23,000 million dollars this year, Elon Musk’s has done so by 50,000 million. The American’s fortunes have been boosted by a nearly 70% rise in Tesla’s share price this year and even more than 90% since its January 6 low point.
LVMH is on the rise
After a year marked by inflation and Elon Musk’s stumbles, investors have returned to bet on Tesla and the American billionaire. Against a backdrop of slightly renewed optimism with interest rates set to rise more slowly in the coming months, investors are beginning to speculate again in riskier stocks. Especially since Tesla’s sales have also started to pick up again with the manufacturer’s price cuts announced last January.
The American billionaire has also vowed that he will step down as Twitter chairman by the end of the year, the time to straighten out the social network’s finances and find someone “crazy” enough, in his words, to resume the job.
On the side of Bernard Arnault, on the other hand, growth has been slower this year and has even been a bit erratic for a few weeks. After a peak reached at the beginning of February (830 euros), the LVMH share has once again fallen below 800 euros. As a reminder, the world’s leading luxury group’s share had skyrocketed by more than 160% since the Covid crisis.
But with China’s economy waking up faster than expected, analysts are once again enthusiastic about LVMH and are betting on a rise in the coming months. The French giant makes 41% of its sales in Asia (not counting Japan). After taking the CAC 40 to all-time highs, the shares of the French luxury giants have not finished climbing in 2023.
Source: BFM TV
