Elon Musk is many things, but as of this week, he is no longer the richest person in the world. That status now belongs to France’s Bernard Arnault, chairman and CEO of luxury goods maker LVMH, according to Forbes and Bloomberg News.
It is the first time the Tesla and SpaceX owner has slipped from the top of the rankings since he overtook Amazon founder Jeff Bezos as the richest person in September 2021.
During a tumultuous year, Musk’s wealth declined by more than $100 billion, more than the GDP of Bulgaria, Croatia, Iceland and Uruguay, according to World Bank data.
Musk’s wealth, 51, is largely tied to Tesla stock price, which has lost more than half its value since January, only after the slide
According to Forbes, Arnault’s net worth is now $190.9 billion, while Musk’s is worth $174.0 billion, with Musk losing the top spot in its rankings late Monday. Arnault, 73, owns 48% of LVMH, which owns brands such as Louis Vuitton and Tiffany.
Since completing the acquisition of the social media platform in October, Musk’s chaotic reign has included afrom the social network amid concerns about and foul language.
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