Elon Musk once again overtook as the richest person in the world, after Bernard Arnault LVMH shares dropped 2.6% in Paris trading. This year, the Bloomberg Billionaires Index’s top slot has been closely contested by Musk and Arnault.
Musk was first surpassed by 74-year-old French business magnate Bernard Arnault in December 2022 as the luxury market outperformed tech in the face of inflation.
Louis Vuitton, Fendi, and Hennessy are among the brands owned by LVMH, which was founded by Arnault.
The Bloomberg news agency reports that there are growing indications of slower economic development, notably in the crucial market of China, and that confidence in the luxury sector’s durability is beginning to wane. Since April, LVMH shares have lost nearly 10% of their value, erasing about $11 billion from Arnault’s net worth all at once.
Young Elon during the start of his success journey.
EARLY LIFE :
Elon Musk was born in South Africa, where his life story begins. Musk was born to a South African father and a Canadian mother. Musk spent his early years interested in reading and technology. When he was a small, shy child, he was bullied by his classmates and frequently beaten up by bullies in the classroom until he developed strong enough to defend himself during a growth spurt in his teens. At the age of twelve, he created a video game and sold it to a computer magazine. After obtaining a Canadian passport, Musk departed South Africa in 1988 because he refused to participate in the country’s mandatory military service, which supported apartheid, and because he wanted to pursue the better economic opportunities that the United States offered.
BUSINESS JOURNEY OF ELON SINCE BEGINNING :
Zip2 Corporation : Elon Musk co-founded Zip2 Corporation, a software firm that offered maps and business directories to newspapers, in 1995. The New York Times and the Chicago Tribune awarded the company important contracts. Compaq later purchased Zip2 for about $307 million in 1999.
PayPal and X.com : In 1999, Elon Musk established X.com, an online payment service that specializes in email payments. Later, X.com merged with Confinity, the company that controlled the PayPal money-transfer business. Under Musk’s direction, the combined company, now known as PayPal, developed into a well-liked and prosperous online payment system. PayPal was purchased by eBay in 2002 for $1.5 billion.
SpaceX : Elon Musk established SpaceX (Space Exploration Technologies Corp.) in 2002 with the intention of bringing down the price of space travel and ultimately conquering Mars. The Falcon 1, Falcon 9, and Falcon Heavy are just a few of the ground-breaking rockets that SpaceX has created, along with the Dragon spacecraft. In addition to being the first privately funded business to launch a spacecraft into orbit and the first to dock with the International Space Station (ISS), the company has accomplished a number other significant milestones.
Elon’s mesmerizing business ventures.
