Elon Musk losses world’s richest man title

By Nada Ali On Dec 13, 2022

Tesla CEO Elon Musk is no longer the richest person in the world, conceding the title to chairman of Louis Vuitton Moet Hennessey (LVMH) Bernard Arnault, according to Forbes on Monday.

Bernard Arnault is a French business the co-founder, chairman, and chief executive of LVMH Moët Hennessy – Louis Vuitton SE

Bernard Arnault, who owns the world’s largest luxury goods company LVMH, took the world richest title with a personal wealth of $185.4 billion, Forbes revealed.

Despite Musk’s net worth dropping below $200 billion earlier on November 8, he still remains number two on Forbes’ billionaire list.

Tesla shares closed down about 6.3 percent on Monday and its market value has dropped by about $70 billion since he bid for Twitter in April.

Musk’s wealth is mostly linked to Tesla shares driven by a rocket rally in the automaker’s share price, which rose more than 1,000 percent in two years.

Noteworthy, that Musk took over the world’s richest title from Jeff Bezos, the founder of Amazon.com, in 2021, with a net worth of $185.7 billion.