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Forbes reports that Elon Musk is now not the richest person after a drop in Tesla shares prices meant that Bernard Arnault, CEO of LVMH, knocked him off his high perch.
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Since September 2021 when Musk overtook Jeff Bezos, the title of the richest man in the world, Musk has held that title.
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Arnault built the largest luxury conglomerate in the world, which includes brands such as Louis Vuitton, Tiffany, Tag Heuer and Celine.
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Elon Musk, CEO of LVMH, is no longer the wealthiest person in the world. Forbes reports that Musk ceded the title to Bernard Arnault, CEO of LVMH, at Monday's close.
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Shares closed at 6.3% and have nearly halved this year's value, partly due to a selloff that was accelerated following Musk's $44 Billion Twitter acquisition.
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Musk's wealth was largely tied to Tesla stock. This is due to a rapid rise in Tesla's share price which rocketed over 1,000% in just two years.
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According to SEC filings, Arnault owns just over 60% of LVMH’s voting share class through holding vehicles and family trusts. Forbes reports that Arnault's net worth is $186.2 billion.
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FactSet data shows that Musk currently owns 14.11% (or $530 billion) of Tesla's outstanding shares.
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Musk also holds more than 40% of SpaceX shares. This adds billions to his net worth based on a $125 Billion private market valuation starting June 2022.
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The Bloomberg Billionaires Index uses a slightly different methodology, but still ranks Musk as the world's wealthiest person with $168 billion, compared to Arnault’s $167 billion.
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