THE CHANGING FORTUNES OF THE WORLD’S RICHEST
T
he S&P 500 index closed at a record high on Friday for the fourth consecutive week, lifting the fortunes of most of the world’s wealthiest people and putting the centibillionaire club on the brink of welcoming an unprecedented eighth member.
Nobody benefited more from the bullish market than LVMH’s Bernard Arnault and Tesla cofounder Elon Musk, the second- and third-richest people in the world, respectively, whose fortunes both swelled by about $13 billion this week. Musk enjoyed a $12.3 billion jump in a single day on Tuesday to move into second place—though Arnault leapfrogged him again on Friday to retake the No. 2 spot in the world, with his $181.6 billion net worth just ahead of Musk’s $179.7 billion fortune, Forbes estimates. Tesla’s 9.3% gain for the week outperformed the S&P 500’s more modest 1.4% increase. The Dow Jones Industrial Average, which also closed Friday at a record high, rose by 1.2%.
Tesla’s…