Wednesday, June 19, 2024
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After more than a year-long reign since September, 2021, Tesla founder Elon Musk has lost his crown as the world’s richest person to luxury brand magnate Bernard Arnault, following a decline in Tesla stock prices. Musk’s net worth slipped to $176.8B with a $4.5B decrease, while Arnault rose by $2.7B to reach a net worth of $188.6B, according to Forbes.

Musk’s wealth, primarily dependent on Tesla, rose meteorically as Tesla’s share prices rocketed more than 1000% in two years. However, the carmaker’s share prices have more than halved this year – a large part from the sell-off caused by his $44B Twitter acquisition – resulting in his fall to the second richest man in the world.

Arnault, through holdings and family trusts – as Bernard Arnault & family – owns over 60% of the voting share class of Moët Hennessy Louis Vuitton (LVMH) – the parent company of luxury brands like Louis Vuitton, Moët & Chandon, Christian Dior, Givenchy, Fenty, Bulgari and TAG Heuer, among others.

Bloomberg, which uses a slightly different scoring system, has also scored Musk below Arnault, as the world’s second richest man.


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