Musk loses 'world's richest person' title to fashion powerhouse

December 14, 2022, 3:55 pm

ISTANBUL – Business magnate Elon Musk lost his title Tuesday as "the world's richest person" to Bernard Arnault, chairman and CEO of French fashion powerhouse LVMH Moët Hennessy Louis Vuitton.

Arnault, 73, was on top of Forbes' Real-Time Billionaires List with a net worth of USD191.2 billion, while Musk ranked second with USD185.1 billion as of 10.15 a.m. EDT.

The 51-year-old CEO of Tesla, SpaceX and Twitter had held the top spot since September 2021 when his wealth surpassed Amazon founder and former-CEO Jeff Bezos.

The decline in Musk's wealth, mostly tied to Tesla shares, comes one day after electric carmaker Tesla saw its stock price plummet 6.3 percent.

Musk owns around 14 percent of Tesla shares and more than 40 percent of SpaceX, which is a private firm, while Arnault owns approximately 60 percent of LVMH.

The market value of Tesla was around USD520 billion Tuesday and LVMH more than USD370 billion. (Anadolu)