According to Forbes, Elon Musk is no longer the richest person after LVMH CEO Bernard Arnault dethroned him due to a drop in the price of Tesla’s stock.
Since he passed Amazon founder Jeff Bezos in September 2021, Musk has held the title of richest person in the world.
Arnault amassed wealth by creating the largest luxury conglomerate in the world, which also includes Celine, Tiffany, and Tag Heuer in addition to Louis Vuitton.
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Elon Musk, CEO of Tesla and owner of SpaceX, converses with Todd Howard, a famed game designer, on June 13, 2019 at the E3 gaming event in Los Angeles, California.
Elon Musk, CEO of Tesla and owner of SpaceX, converses with Todd Howard, a famed game designer, on June 13, 2019 at the E3 gaming event in Los Angeles, California.
Reuters, Mike Blake
Elon Musk, the CEO of Tesla, is no longer the richest man in the world. At Monday’s end, he turned over that position to Bernard Arnault, chairman and CEO of LVMH, according to Forbes.
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The value of Tesla shares has more than halved this year, in part because of a sell-off that escalated after Musk’s $44 billion purchase of Twitter. Shares ended the day down nearly 6.3%.
The rapid surge in Tesla’s share price, which soared more than 1,000% in two years, was the driving force behind Musk’s riches, which is mostly related to the company’s stock.
Elon is mostly to blame for this decline in Tesla stock, according to FM trader Karen Finerman.
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Elon is mostly to blame for this decline in Tesla stock, according to FM trader Karen Finerman.
According to SEC filings, Arnault holds just under 60% of the voting share class of LVMH through holding entities and family trusts. According to Forbes, Arnault has a $186.2 billion net worth.
Musk currently holds 14.11% of Tesla’s outstanding shares, which have a market value of $530 billion, according to FactSet data. According to a $125 billion private market estimate from June 2022, Musk also owns more than 40% of the shares of SpaceX, boosting his net worth by millions of dollars on paper.
In 2022, a year when equities have fallen, shares of LVMH have only fallen 1.5%. Based in Paris, LVMH is listed on the Euronext Paris exchange.
With $168 billion to Arnault’s $167 billion, the Bloomberg Billionaires Index, which employs slightly different techniques, nevertheless ranks Musk as the richest person in the world.
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