AI supports Elon Musk in regaining world’s richest man title

American billionaire Elon Musk regained the throne of the richest man in the world, which he had lost since late 2023 to French billionaire Bernard Arnault, after the successes achieved by Musk’s artificial intelligence company.

According to CNN, the value of the wealth of the 10 richest people in the world is approximately $1.59 trillion, which is about $50 billion more than their wealth in May 2024.

During the past week, Musk’s company, June 1, 2024.

Directly behind Musk comes French luxury goods tycoon Bernard Arnault, and while Musk’s wealth increased by more than $10 billion last May, shares of the Arnault Group (LVMH) fell by 5 percent amid weak demand for luxury goods, which led to a decline in wealth. The French billionaire rose by about $7.8 billion to reach $201.6 billion, and he is the only one among the ten richest people whose wealth shrank last month.

Third place went to the American billionaire and founder of Amazon, Jeff Bezos, whose wealth rose during May by about $1.4 billion due to the rise in the company’s shares, bringing his wealth to $194.7 billion.

The biggest gainer among the top ten in May was Meta CEO Mark Zuckerberg, whose wealth rose by $12.6 billion to reach about $163.8 billion following an 8.5% increase in the company’s shares, keeping him fourth among the richest people in the world.

Oracle CEO Larry Ellison came in fifth place after his wealth increased by about $3.4 billion last May to record $146.2 billion.

Sixth place went to the founder of the famous search site Google, Larry Page, whose wealth rose by about $7.5 billion during the month of May due to the rise in Alphabet Tobacco shares, whose wealth rose to $142.9 billion.

(The Miracle of Omaha) American investor Warren Buffett ranked seventh among the richest men in the world with a fortune amounting to $137 billion. During May, Buffett’s wealth increased by about $6 billion following the strong performance of Berkshire Hathaway stock.

The other Google founder, Sergey Brin, came in eighth place with a fortune amounting to $136.9 billion, after his wealth rose by about $7 billion during May due to the strong performance of Alphabet stock.

Microsoft founder Bill Gates, who has maintained the title of the richest man in the world since the mid-1990s and for more than a decade, has fallen to ninth place among the world’s richest people, with a fortune estimated at about $129.4 billion.

Gates’s decline is not due to his investments or Microsoft’s investments not going well. Rather, they are just not keeping up with stocks such as Zuckerberg’s Meta or Larry Page’s Alphabet. Last May, Google founders Larry Page and Sergey Brin became richer than Bill Gates for the first time.

Two other big factors affecting Gates’ wealth in recent years are his charitable donations, amounting to about $59 billion, to the Bill & Melinda Gates Foundation, and his costly divorce in 2021.

Tenth place went to former Microsoft CEO Steve Ballmer, with a fortune of $123.2 billion, and during May his wealth rose by about $6 billion.