Elon Musk LOSES his title as world’s richest person to Bernard Arnault after LVMH CEO’s wealth topped $170.6B, Bloomberg Index finds: Twitter boss’s net worth falls to $163.1B after slump in Tesla stock wiped $100B off fortune
- Elon Musk lost his title of world’s richest man to Bernard Arnault on Wednesday
- Musk is worth $163.1B and Arnault, $170.6B, according to the Bloomberg Index
- This year has seen a slump in the Tesla stock, costing Musk an estimated $100B
Elon Musk is no longer considered the richest person in the world.
Musk, 51, lost his pole position on Tuesday to the Louis Vuitton group chief Bernard Arnault after an extended slump in the value of Tesla stock, which has cost him more than $100billion this year, according to the Bloomberg Billionaires Index.
Arnault, 73, is the chairman and CEO of LVMH – the luxury goods conglomerate that parents brands like Dior, Tiffany and Bulgari – and is now worth an estimated $170.6billion.
Musk’s worth now sits at $163.1billion, according to the Bloomberg Index.
Elon Musk (pictured in February) waved goodbye to the title of world’s richest man today. His worth is down to $163.1billion, according to the Bloomberg Billionaire Index
Bernard Arnault is the chairman and CEO of LVMH – the luxury goods conglomerate that parents brands like Dior, Tiffany and Bulgari – and is now worth an estimated $170.6billion
Musk’s worth in recent years has largely been pinned to the value of Tesla, which skyrocketed during the pandemic as the company became profitable, but has suffered this year in part due to concerns over production.
In January 2020 Musk was worth around $28billion. according to the index, but in November 2021 he peaked at $336billion.
This year was made tougher for Musk due to his purchase of Twitter for $44billion – a deal from which he tried to back away from for some months.
In order to complete it he was required to sell significant swathes of his Tesla stock.
After the purchase was officially completed in October he made various changes in attempt to turn the company profitable, most notable by cutting its workforce almost in half.
On the other hand, luxury goods business LVMH has weathered the market this year much more robustly. The Paris-based company’s shares are down just 9.7 percent since the start of the year, outperforming the benchmark S&P 500.
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