LONDON.- Tesla CEO Elon Muskis no longer the richest man in the world, as he has lost his position behind the president and CEO of the luxurious LVMHFrenchman Bernard Arnault and his family, according to Forbes.
A fall in the price of Tesla shares -which today closed with a drop of 6.27%- has caused Arnault move up the ladder.
The value of the electric vehicle company’s shares has more than halved this year, in part due to a liquidation that was accelerated by the acquisition of Twitter by Musk for 44 billion dollars.
The Arnault family oversees the LVMH empire of some 70 fashion and cosmetics brands – including Louis VuittonSephora and American jewelry Tiffany & Co– and has a fortune of 186.2 billion dollars, according to Forbes.
For his part, Musk has a wealth of 181.3 billionaccording to the specialized media.
Musk became the richest man of the world in September 2021, when he surpassed the founder of Amazon, Jeff Bezos.
Musk’s wealth, mostly tied up in Tesla shares, was buoyed by a meteoric rise in the automaker’s stock price, which skyrocketed more than 1,000% in two years.
According to FactSet data, Musk currently owns 14.11% of Tesla’s shares, with a market value of $530 billion.
Musk also owns more than 40% of SpaceX shares, adding billions to his net worth.
It is not the first time this year that Musk momentarily falls on this list, since last week he briefly lost his title as the richest person to the Arnaults.