According to Forbes Magazine, controversial tech entrepreneur Elon Musk is no longer the world’s wealthiest person.
Musk has fallen behind the French fashion magnate Bernard Arnault. Currently, their respective values are $185,4 billion and $185,3 billion. Gautam Adani, an Indian coal magnate, ranks third with a net worth of $134.8 billion.
Jeff Bezos, a creator of Amazon, has a net worth of $115 billion. Warren Buffett, CEO of Berkshire Hathaway and one of the sharpest sceptics of cryptocurrencies, is also in the top five with a net worth of $107 billion.
Musk’s net worth has suffered a significant knock as a result of the catastrophic performance of Tesla stock, which is down a staggering 57% year-to-date. At the time of publication, TSLA is down 3.85% as the e-car maker struggles to cope with a decline in demand.
Arnault is the chief executive officer of Louis Vuitton SE, the largest manufacturer of luxury goods. Christian Dior, Sephora, Louis Vuitton, Tiffany & Co, Marc Jacobs, Stella McCartney, Loewe, and Kenzo are among the renowned brands controlled by LVMH. The luxury corporation also holds the watch manufacturer TAG Heuer.
The November release of LVMH’s stronger-than-anticipated third-quarter results boosted the riches of the French businessman.
Unlike Tesla automobiles, demand for luxury goods remains robust in 2022, with Louis Vuitton and Dior experiencing organic growth.
In May of 2021, Arnault became the wealthiest person in the world. Bezos and Musk were in second and third position, respectively, at the time.
The French tycoon, who turned 73 in March, has led his luxury products company for decades. The ageing LVMH chairman will have to choose which of his five offspring will succeed him.
Also Read: Institutional Investors Drawn By Solana Investment Products Following Price Drop
