Cover SpaceX founder Elon Musk speaks during a T-Mobile and SpaceX joint event. (Photo: Getty Images)
SpaceX founder Elon Musk speaks during a T-Mobile and SpaceX joint event. (Photo: Getty Images)
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LVMH chairman and CEO Bernard Arnault is now the richest person in the world with a net worth of US$171 billion
Elon Musk has officially been dethroned as the wealthiest person in the world after LVMH chairman and CEO Bernard Arnault overtook him, according to the Bloomberg Billionaires Index.
Musk, who owns the electric car company Tesla, rescinded the title after Tesla shares closed down about 6.3 per cent for the day this week. The shares themselves have over halved in value this year largely due to a sell-off. Considering that most of Musk’s wealth comes from his Tesla stock, this comes as no surprise.
Musk’s wealth was also hit hard after he acquired Twitter earlier this year for US$44 billion. Reportedly, his wealth drastically fell by over US$100 billion since January this year.
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Above Bernard Arnault at the Louis Vuitton Menswear spring/summer 2023 show during Paris Fashion Week. (Photo: Getty Images)
Bernard Arnault at the Louis Vuitton Menswear spring/summer 2023 show during Paris Fashion Week. (Photo: Getty Images)
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According to the Bloomberg Billionaires Index, a widely recognised website that ranks the world’s wealthiest, Musk’s net worth dropped to just under US$164 billion. This now makes him the second richest person in the world, coming under Arnault who is worth US$171 billion.
Arnault is the CEO of luxury fashion conglomerate LVMH which owns brands such as Dior, Tiffany and Co, Moët & Chandon, Louis Vuitton among others.
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Camillia Dass is the digital writer for Tatler Singapore.
