Wednesday, June 19, 2024
English English French Spanish Italian Korean Japanese Russian Hindi Chinese (Simplified)

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.

Subscribe

* indicates required

The Enterprise is an online business news portal that offers extensive reportage of corporate, economic, financial, market, and technology news from around the world. Visit to explore daily national, international & business news, track market movements, and read succinct coverage of significant events. The Enterprise is also your reach vehicle to connect with, and read about senior business executives.

Address: 150th Ct NE, Redmond, WA 98052-4166

©2024 The Enterprise – All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept