LVMH is the first corporation in Europe to reach a market value of $500 billion

"The luxury goods giant's stock has increased 6.9% this month."

Only days after cracking the top 10, LVMH, the largest luxury goods conglomerate in the world, is vying with Tesla Inc. for ninth place on the list of the biggest corporations in the world by market capitalization.

Because of stronger-than-expected first-quarter sales, the luxury goods giant's shares have increased 6.9% this month, bringing its market worth to almost $500 billion and making it the first European business to do so. According to Bloomberg, Tesla's stock has dropped 23% in the same period, bringing its capitalization to $505 billion as price cutbacks have a negative impact on the electric carmaker's profitability.

The increasing value of LVMH has increased Bernard Arnault's wealth to approximately $212 billion, making him the richest man on planet. Elon Musk is a distant second with $165 billion in wealth.

Arnault, 73, changed the top executives at his luxury goods company earlier this year, tightening his family's control by appointing his daughter Delphine to run Christian Dior and appointing a new leader for Louis Vuitton.

LVMH Chairman Bernard Arnault, Photo: CNBC