Elon Musk loses world’s Richest Man tag to Bernard Arnault

Elon Musk, the eccentric founder of Tesla and SpaceX, has officially been dethroned from his spot as the world’s richest man. According to Bloomberg Billionaires Index, French billionaire Bernard Arnault is now the wealthiest person on earth with a net worth of $185 billion.

Bernard Arnault, the CEO of luxury brand Louis Vuitton’s parent company LVMH has replaced Elon Musk as the world’s richest man. This is after seeing his net worth tumble more than $100 billion in 2022.

As of Tuesday, Musk is now worth $168.5 billion, less than Arnault’s net worth of $172.9 billion, according to the Bloomberg Billionaires Index.

Last week, Arnault and his family first Logged personal wealth of $185.4 billion, ahead of Musk who recorded a net worth of $185.3 billion. But this didn’t last long as Musk once again took the lead with a net worth of $190 billion.

Wealth continued to erode for the Tesla CEO when he bought Twitter for an astounding $44 billion. The net worth of the 51-year-old reached its peak at $340 billion in November last year. To date, Tesla shares have decreased by approximately 58%.

In January 2021, Musk surpassed Jeff Bezos to become the world’s wealthiest person with a net worth totaling more than $185 billion.

Amid reports that Tesla will cut production at its Shanghai plant by 20 per cent in December, Tesla shares continue to slide.

This has contributed to Musk’s loss of the world’s richest man title.

The change in fortune for Elon Musk is certainly a surprise, but many still consider him to be one of the most influential billionaires in the world.

His accomplishments with Tesla and SpaceX have revolutionized the way we think about transportation, energy, and space exploration. He may have lost the title of the world’s richest man, but his visionary leadership and innovation will remain undeterred.

Arnault too has made a name for himself in fashion, wine and spirits. As Chairman and Chief Executive Officer of LVMH, he has been credited with transforming the company into an impressive luxury empire. He is known for his business acumen and is respected by many.

It will be interesting to see which billionaire retains the title of the world’s richest man in the months to come. Will Arnault hang on to it or will Musk reclaim his place at the top? Only time will tell. Either way, these two leaders of their respective industries will undoubtedly continue to impress us with their business savvy and ambition.

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