Elon Musk loses title of World’s Richest Person to LVMH’s Bernard Arnault

Twitter CEO and billionaire Elon Musk has lost his title as “World’s Richest Person” to LVMH’s Bernard Arnault.

According to Bloomberg, Musk, who once had a net worth of $340 billion, has lost over $100 billion in net worth since January. The tech billionaire’s net worth is now a ‘measly’ $163.1 billion, which is 7 billion less than Arnault, who has a net worth of $170.6 billion.

Tesla founder Elon Musk attends Offshore Northern Seas 2022 in Stavanger, Norway August 29, 2022. NTB/Carina Johansen via REUTERS

Arnault’s wealth derives from his 48% ownership of LVMH Moët Hennessy Louis Vuitton (LVMH) – a fashion conglomerate with Louis Vuitton, Christian Dior, Fendi, and Givenchy under its umbrella. He is the co-founder, chairman, and chief executive of the company, which is the largest luxury goods company in the world.

The development caps off an extremely chaotic year for Musk, who earlier this year bought Twitter for $44 billion. His net worth was subsequently slashed by $10 billion. Additionally, Tesla stocks are also down by over 50% this year.

However, Bloomberg reports that Musk’s net worth may be lifted by SpaceX, which is offering to sell insider shares at a price that could raise the company’s valuation to $140 billion.