Elon Musk loses title as the world’s richest person to LVMH’s Bernard Arnault whose net worth exceeds $170.6 billion
Elon Musk LOSES his title as the world’s richest person to Bernard Arnault after LVMH CEO’s net worth hit $170.6 billion, Bloomberg Index finds: Twitter boss’s net worth drops to $163.1 billion after the slump in Tesla stock wiped $100 billion off fortune
- Elon Musk lost his title of richest man in the world to Bernard Arnault on Wednesday
- According to the Bloomberg Index, Musk is worth $163.1 billion and Arnault is worth $170.6 billion
- This year has seen a slump in Tesla stock, costing Musk an estimated $100 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.
Elon Musk (pictured in February) today bid farewell to the title of the world’s richest man. His value has dropped to $163.1 billion, according to the Bloomberg Billionaire Index
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.