Twitter CEO Elon Musk (R) no longer world’s richest man, Bernard Arnault (L) takes the lead. Agencies.
New Delhi: Elon Musk, the newly appointed Twitter CEO, is no longer the world’s richest person after. He ceded the title of world’s wealthiest man to Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH.
According to both Forbes and Bloomberg, Musk lost his position as the world’s richest man after Tesla shares fell by 4 per cent. He lost around $7.4 billion (roughly around Rs 700 crore) worth of Tesla shares.
With a reported stake of 14 per cent, Musk is chief executive and the largest shareholder in Tesla.
What’s Elon Musk net worth now?
As per Forbes, Musk is now worth about $178 billion, while Bernard Arnault has a value of $188 billion.
Arnault, through holding vehicles and family trusts, owns slightly over 60 per cent of LVMH’s voting share class.
According to a Forbes report, Musk’s current worth as of Wednesday is standing at $176.8 billion, which is $11.8 billion less than Bernard Arnault’s worth, an estimated $188.2 billion.
Musk’s net worth is currently seeing a fall of $4.5 billion dollars while Bernard Arnault & family saw a gain of $2.7 billion in the last 2 days.
Tesla CEO Musk has witnessed a sharp spike in his overall worth between 2020 and 2022. His $24.6 billion net worth rose to a whopping $340 billion in 2022 as recorded by billionaire’s wealth index.
The ongoing fluctuations in the economy and Musk’s much-talked about Twitter deal have lead his fortune plummet by around $176 billion, making him lose around Rs 2,500 crore daily.
For the unversed, Musk’s net worth is made up of his stock and ownership of six companies that he co-founded. They are – Tesla, SpaceX, Boring Company, Twitter, Neuralink, and others.
Notably, Tesla shares lost more than 47 per cent in value since Musk made his offer to buy Twitter earlier this year.
Musk’s net worth declined below $200 billion on 8 November as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Arnault has for a long been hovering among the top of the wealth rankings, but his fortune never rose at the exponential pace of US tech billionaires. Now his empire is holding up while Mark Zuckerberg, Jeff Bezos and Alphabet Inc.’s Larry Page and Sergey Brin see their wealth hammered by rising interest rates.
With inputs from agencies
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