Elon Musk loses world’s richest person title to fashion powerhouse

Canada Global (Web News) Elon Musk, the founder of Tesla, was dethroned as “the world’s richest person” by Bernard Arnault, the head of French fashion giant LVMH Mot Hennessy Louis Vuitton.

As of 10:15 a.m. EDT, Arnault, 73, led Forbes’ Real-Time Billionaires List with a net worth of $191.2 billion, while Musk came in second with $185.1 billion.

Since his wealth overtook that of Amazon founder and former CEO Jeff Bezos in September 2021, the 51-year-old CEO of Tesla, SpaceX, and Twitter has held the top slot.

One day after Tesla’s stock price fell 6.3%, Musk’s fortune, which is largely based on Tesla shares, has decreased.

While Arnault controls around 60% of LVMH, Musk owns about 14% of Tesla stock and more than 40% of SpaceX, a private company.

On Tuesday, LVMH had a market value of almost $370 billion and Tesla was worth about $520 billion.

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