Following market close on Monday, Tesla & Twitter CEO Elon Musk no longer holds the title of the World’s Richest Person.
As Tesla stock declined roughly 6.3% to $156.80 per share, Musk ceded the title to Bernard Arnault, chairman and CEO of LVMH (Moet Hennessy Louis Vuitton).
According to Bloomberg’s Billionaires Index, Arnault is worth $171 billion compared to Musk’s $164 billion.
The change in billionaire ranking primarily comes down to stock performance. A share of Tesla has deflated by nearly 54% this year. Some say that his purchase of Twitter has been a detriment to his car company.
Shares of LVMH, on the other hand, have seen robust sales within the luxury market, especially in the United States and European markets.
Bernard Arnault may not be a household name, but his name is celebrated within the luxury goods industry.
In 1989, he purchased a controlling stake in LVMH, becoming chairman and CEO. Since then, he has established an unparalleled brand reputation for the company’s 75+ private labels.
Famous subsidiaries include Dom Perignon, Belvedere, Hennessy, Moet & Chandon, Christian Dior, Fendi, Givenchy, Louis Vuitton, Fenty Beauty by Rihanna, Sephora, Bulgari, Chaumet, TAG Heuer, Tiffany & Co., Belmond, and still many others.