Bernard Arnault Overtakes Elon Musk as Richest Person in the World
- Tesla and Space X CEO, Elon Musk is no longer the world's richest person after Bernard Arnault overtook the position
- Forbes billionaires list ranks Musk second with a net worth of $181.3 billion as Arnault takes lead with a net worth of $186.2 billion
- Musk's wealth dropped as Tesla shares plummeted by 6.3% on Monday, December 12
Bernard Arnault is now the new world's richest person, according to Forbes Billionaires List.
Source: UGC
The LVMH chairman and CEO knocked out Tesla and Space X CEO, Elon Musk who has been in the lead since September 2021.
Tesla shares
Musk took over the title from Amazon founder and CEO Jeff Bezos, maintaining the lead until November 2022.
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According to CNBC, Musk was dethroned after Tesla shares further dropped by 6.3% on Monday, December 12.
This saw the new Twitter boss lose a whopping $7.4 billion or 3.91% in net worth, to second place with $181.3 billion.
Arnault's wealth
Arnault took the top seat with a net wealth value of $186.2 billion, despite losing $1 billion in the week's trade.
The Frenchman's fortune comes from the world’s largest luxury conglomerate, with brands such as Louis Vuitton, Tag Heuer, and Celine.
The billionaire owns over 60% of LVMH’s voting share class, according to SEC filings.
Musk shares in Tesla Inc. stand at 14.11%, with a market value of $530 billion.
He owns over 40% of SpaceX shares, whose private market value stood at $125 billion as of June 2022.
Twitter Buyout
The fall in Tesla's share market value came at a time investors lost interest in the firm after Musk completed the Twitter buyout deal.
Musk bought Twitter at a whopping $44 billion, sealing the deal after a long and expensive litigation process.
The world's richest person on Thursday, October 27, took full control of the firm, firing chief executives.
Source: TUKO.co.ke
