South Africa News

South Africa-born Elon Musk regains top position as world’s richest person

The Tesla Inc. chief executive officer, who was born in Pretoria, South Africa 51 years ago, surpassed luxury tycoon Bernard Arnault on Wednesday after shares of Arnault’s LVMH fell 2.6% in Paris trading.

Musk and the 74-year-old Frenchman have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.

Arnault first surpassed Musk in December as the tech industry struggled and luxury showed resilience in the face of inflation. LVMH, which Arnault founded, owns brands including Louis Vuitton, Fendi and Hennessy.

Faith in the luxury sector’s buoyancy is starting to fade amid mounting signs of slowing economic growth, particularly in the critical market of China. LVMH shares have tumbled about 10% since April, at one point wiping $11 billion from Arnault’s net worth in a single day.

Musk, meanwhile, has gained more than $55.3 billion this year, largely due to Tesla. The Austin-based automaker — which comprises 71% of his fortune — has rallied 66% year-to-date. Musk’s fortune is now valued at about $192.3 billion, according to the index, while Arnault’s is about $186.6 billion.

Source: bloomberg.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button