Lagatar24 Desk
New Delhi, Dec 14: Elon Musk, the new CEO of Tesla and Twitter, is no longer the richest person in the world, according to Forbes. Following a drop in the share price of Tesla, Bernard Arnault, CEO of Louis Vuitton, is now regarded as the world’s richest man.
As a result of Monday’s significant decline in Tesla stock prices and rise in the price of LVMH stock, Arnault replaced Musk as the richest person in the world, according to CNBC. Forbes estimates that Arnault is worth $186.2 billion.
Since September 2021, when Musk passed Amazon founder Jeff Bezos in wealth, he has held the title of richest man in the world. Building the largest luxury goods company in the world—which boasts names like Louis Vuitton, Tiffany, Celine, and Tag Heuer—led to Arnault’s financial success.
The value of Tesla shares has about halved this year as a result of a sell-off that escalated following Musk’s $44 billion purchase of Twitter. On Monday, they ended the day down around 6.3%.
Through holding entities and family trusts, Arnault reportedly holds just under 60% of the voting share class of LVMH.
A French businessman named Bernard Arnault is the CEO of the Louis Vuitton Group as well as the chairman of LVMH Moet Hennessy. About 70 businesses are owned by the group, including Fenty Beauty by Rihanna, Louis Vitton, Marc Jacobs, Dom Perignon (wine), and Louis Vitton (make-up).
