95 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. You Might Be Interested In Cathie Wood Raises Concerns Over Fragility of Current Economy, Highlights Revenue Weakness in Companies Charlie Munger’s Top Investing Advice Across the Years UAQ Ruler condoles Emir of Qatar over passing of Mohammed bin Hamad bin Abdullah Analyst who has owned Nvidia stock all year has this to say ahead of earnings New Zealand Grows Weary of its Liberal Government Charles Sobhraj shares thoughts on first days in Paris, flight from Kathmandu, and future plans – wants to Sue Nepal, Netflix, and BBC
