Elon Musk Loses World’s Richest Title To Louis Vuitton Tycoon Bernard Arnault

Recently, Bernard Arnault, the superannuated French luxury goods tycoon, with a net worth of $188.8 billion surpassed Twitter and Tesla owner Elon Musk to become the world’s richest person.

Elon Musk’s net worth at present is $176.8 billion which is a significantly declined from his previous $219 billion.

The former number-one billionaire’s net worth is mostly comprised of his stocks in Tesla and SpaceX. Tesla is the most valuable company in his portfolio, and it has been bearing the outcomes of Musk’s notion and fancy.

This was predestined for Twitter’s new owner. After spending billions through the last quarter of 2022, Elon Musk’s decision to buy the social media giant for $44 billion risked his Tesla shares.

And as expected, his gamble hasn’t paid off in the short run. It will be exciting to watch how things turn out for Elon Musk in the long run. Even though he had offloaded numerous Tesla stocks, Elon still owns $445.6 million in Tesla shares, which is about 25% of Tesla stocks.

The world’s richest person, Bernard Arnault, once dubbed the ‘Wolf of Cashmere’ is making strides with his LVMH empire. The LVMH often brags about the world’s most premium brands like Louis Vuitton, and Sephora among others.

Earlier this year, LVMH made its most ambitious acquisition ever, when it bought American jeweler Tiffany & Co for $15.8 billion. This is also regarded as the biggest luxury brand acquisition ever. The Four of five children of the 74-year-old billionaire work for the LVMH empire. Bernard’s net worth in 2020 was a mere $76 billion which saw a significant and whopping rise in 2021 with a net worth of $150 billion.

Meanwhile, Indian business tycoon Gautam Adani (60) is at number three in the world’s richest list with a net worth of $134.5 billion. Adani’s wealth hiked rapidly in 2022, skyrocketing from a mere $50 billion in 2021 to a whopping $100 billion this year.

Have a look at the list of both Forbes and Bloomberg’s billionaire index with the top 5 richest people in the world at present.