Elon Musk loses title as the world’s richest person to LVMH’s Bernard Arnault whose net worth exceeds $170.6 billion

Elon Musk is no longer considered the richest person in the world.

Musk, 51, lost pole position to Bernard Arnault, the chief of the Louis Vuitton group, on Tuesday following a protracted fall in the value of Tesla shares that has cost him more than $100 billion this year, according to the Bloomberg Billionaires. Index.

Arnault, 73, is the chairman and CEO of LVMH – the luxury goods conglomerate whose parent brands include Dior, Tiffany and Bulgari – and is now worth an estimated $170.6 billion.

According to the Bloomberg Index, Musk is now worth $163.1 billion.

Bernard Arnault is the chairman and CEO of LVMH – the luxury goods conglomerate whose parent brands include Dior, Tiffany and Bulgari – and is now worth an estimated $170.6 billion

Musk’s value in recent years has been largely driven by the value of Tesla, which skyrocketed during the pandemic as the company turned profitable, but suffered in part this year on manufacturing concerns.

In January 2020, Musk was worth about $28 billion. according to the index, but in November 2021 it peaked at $336 billion.

Things got tougher for Musk this year because of his $44 billion purchase of Twitter — a deal he tried to renege on for several months.

After the purchase was officially completed in October, he made several changes in an effort to make the company profitable, most notably cutting the workforce nearly in half.