On Wednesday, Elon Musk, the owner of Twitter, briefly lost his position as the world’s richest man to Bernard Arnault, the CEO of Louis Vuitton’s parent company LVMH. According to Forbes, Arnault and his family have a net worth of $185.4 billion, surpassing Musk, who has a net worth of $185.3 billion before reaching around $190 billion.
Musk was knocked out of first place on Forbes’ Real-Time Billionaires list, which is constantly updated based on stock prices, for the first time since September 2021.
It comes after a tumultuous six weeks for Musk, who sold off large chunks of his Tesla holdings to fund his $44 billion Twitter takeover. Musk’s personal fortune is heavily reliant on Tesla stock, which has lost 57% of its value since the beginning of the year.
According to the Bloomberg Billionaires Index, Musk’s wealth has dropped by $100.5 billion so far in 2022. Tesla CEO Elon Musk’s fortunes dwindled further after he paid $44 billion for Twitter. In November of last year, the 51-year-old’s net worth peaked at $340 billion. Tesla stock has dropped around 58% year to date.
Musk’s fortune now exceeds that of Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates. Musk will be the world’s richest person for the first time in January 2021, with a net worth of more than $185 billion. Meanwhile, Tesla shares are falling on reports that the company will reduce output at its Shanghai plant by 20% in December.
This means that Musk’s net worth has declined from its peak of around $320 billion in November 2021, when Tesla shares reached an all-time high of $414.50.
Meanwhile, luxury goods manufacturer LVMH has fared much better in the downturn. The Paris-based company’s shares are down 9.7 percent year to date, outperforming the benchmark S&P 500.
LVMH’s co-founder, chairman, and CEO, Arnault, is 73 years old.
In comparison to the headline-grabbing Musk, he keeps a low profile.
Arnault was among the business leaders who attended President Joe Biden’s first White House state dinner last week, which welcomed French President Emmanuel Macron.
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Bernard Arnault, luxury goods manufacturer overtakes Elon Musk in top billionaires ranking
