Elon Musk Is No Longer The World’s Richest Person

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.

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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.