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Elon Musk loses spot as the world's richest person; Know who is No 1 now

Elon Musk, once worth as much as $340 billion, has been displaced as the world's richest person by Bernard Arnault. Musk has seen his fortune tumble by more than $100 billion, according to the Bloomberg Billionaires Index.

Elon Musk loses spot as the world s richest person Know who is No 1 now gcw
First Published Dec 14, 2022, 8:57 AM IST

Elon Musk, Twitter's new boss and Tesla CEO, is no longer the world’s richest person anymore, according to Forbes. Following a drop in the share price of Tesla, Bernard Arnault, CEO of Louis Vuitton, is now ranked as the world's richest man.

As a result of Monday's significant decline in Tesla stock prices and rise in the price of LVMH stock, Arnault replaced Musk as the richest person in the world, according to CNBC. 

The billionaire is currently worth $164 billion (as of Tuesday), about $7 billion less than the richest man in the world – Arnault – who has a fortune of $171 billion, according to the Bloomberg Billionaires Index. While Musk lost nearly $4 billion in a day on Tuesday, 73-year-old Arnault made $4.13 billion, making him the wealthiest man alive.

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Musk has been the world’s richest person since September 2021 after he overtook Amazon founder Jeff Bezos. Building the largest luxury goods firm in the world—which boasts names like Louis Vuitton, Tiffany, Celine, and Tag Heuer—led to Arnault's financial success.

The value of Tesla shares has about halved this year as a result of a sell-off that escalated following Musk's $44 billion purchase of Twitter. On Monday, they ended the day down around 6.3%. According to SEC filings, Arnault owns a little over 60 per cent of LVMH's voting share class through holding vehicles and family trusts.

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A French businessman named Bernard Arnault is the CEO of the Louis Vuitton Group as well as the chairman of LVMH Moet Hennessy. About 70 businesses are owned by the group, including Fenty Beauty by Rihanna, Louis Vitton, Marc Jacobs, Dom Perignon (wine), and Louis Vitton (make-up).

Four of his offspring are employed by the LVMP empire in various capacities. The 73-year-old was reared in an industrial household and was born into it. As an engineer, he began his professional career. He began working at Ferret-Savinel, his father's construction company, in 1971. He renamed the business Ferinel Inc. eight years later, and it began to concentrate on real estate. Arnault was appointed the company's president in 1979.

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