American business tycoon Elon Musk today lost his title of “the world’s richest person” as a beauty tycoon grabbed this position on Tuesday.
According to Forbes Billionaires List, Bernard Arnault, chairman and CEO of French fashion brand LVMH Moët Hennessy Louis Vuitton became the world’s richest person with a net worth of $191.2 billion as compared to $181 billion of Elon Musk.
Must lost the title due to decline in Tesla shares, as company’s stock price plummet 6.3% on Tuesday.
According to Forbes, the 51-year-old CEO of Tesla, SpaceX and Twitter had held the title of the world’s richest person since Sept 2021 when his wealth expanded beyond the net worth of Jeff Bezos, Amazon founder and former-CEO.
Elon Musk owns 14% shares of Tesla and over 40% of SpaceX while Arnault owns 60% stake of LVMH mega fashion brand.
The market value of Tesla was around $520 billion on Tuesday and LVMH more than $370 billion. Net work of Arnault increased beyond Musk’s money because Arnault holds 60% stake in his fashion brand.
Musk’s net worth dropped below $200 billion earlier on Nov 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.