Bernard Arnault

Tesla CEO falls behind the European mogul on the wealth rankings amid a slump in the car maker's shares.

[Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/), a ranking of the richest people in the world. A [prolonged slump](https://www.wsj.com/articles/tesla-investors-voice-concern-over-elon-musks-focus-on-twitter-11670948786?mod=article_inline) in Tesla’s stock has wiped out more than $100 billion of Mr. [Walmart promo code 2023 - $20 off $50](https://www.wsj.com/coupons/walmart) [Wayfair coupon $20 off](https://www.wsj.com/coupons/wayfair) [TurboTax service code 2023 - $20 off](https://www.wsj.com/coupons/turbotax) chief executive and new owner of Twitter Inc., gave up the unofficial title Tuesday to European mogul Bernard Arnault for Earth’s wealthiest individual, according to the

Arnault, 73, is the chairman and CEO of LVMH - the luxury goods conglomerate that parents brands like Dior, Tiffany and Bulgari - and is now worth an estimated ...

The Arnaults own more than 97 percent of Dior, which in turn owns 41 percent of LVMH. To assume first position he had to overtake Amazon-founder Jeff Bezos, 58 - who has now slipped to fifth on the list. The completion of the deal in October alone cause Bloomberg to knock $10billion off his value. Amazon value dropped below $1trillion for the first time since April 2020 in November. Elon Musk (pictured in February) waved goodbye to the title of world's richest man today. That shareholding structure remains in place today. Jeff Bezos, who was once the richest man in the world, has slipped to fifth position on the Bloomberg Index The family also owns close to 7 percent of LVMH directly providing it total voting rights of well above 50 percent and control of the company The family also owns close to 7 percent of LVMH directly providing it total voting rights of well above 50 percent and control of the company. The Arnaults own more than 97 percent of Dior, which in turn owns 41 percent of LVMH, His worth is down to $163.1billion, according to the Bloomberg Billionaire Index Bernard Arnault is the chairman and CEO of LVMH - the luxury goods conglomerate that parents brands like Dior, Tiffany and Bulgari - and is now worth an estimated $170.6billion

Elon Musk has lost the title of the 'world's richest man' to Bernard Arnault again as share prices of his electric car company Tesla continue to plummet.

Check out some of the reactions below. A report by Fortune revealed that the Tesla CEO has lost over $100 billion this year alone as his net worth was valued at $304 billion at the start of 2022. Elon Musk has lost the title of the 'world's richest man' to Bernard Arnault again as share prices of his electric car company Tesla continue to plummet.

The SpaceX and Tesla CEO's wealth has dropped to $168.5 billion, with his $44 billion​ spend on purchasing Twitter taking a chunk out of his net worth.

India’s economic growth likely slumped to a median 5.0% in the third quarter, its lowest this fiscal year, according to an ET poll of 11 economists. [Sebi Seeks Details onRatings of Adani Cos’ Loans and Securities](/epaper/delhicapital/2023/feb/22/et-front/sebi-seeks-details-onratings-of-adani-cos-loans-and-securities/articleshow/98132672.cms) [On the Podium: Chartbuster Growth, Pandemic Heroes](/epaper/delhicapital/2023/feb/22/et-front/on-the-podium-chartbuster-growth-pandemic-heroes/articleshow/98134405.cms)

On Tuesday afternoon, Elon Musk officially slipped to the world's SECOND richest person. The world's new king of wealth is LVMH founder Bernard Arnault.

Bernard and the extended Arnault family continue to own 97% of Dior directly, and Dior owns 41% of LVMH. At that level he was the richest person in the world be a margin of $110 billion. Bernard Arnault earned his fortune as the CEO of LVMH. So imagine if I told you a year ago that not only was Elon NOT on his way to becoming a trillionaire, but in a year he wouldn't even be worth $300 billion anymore. When his fortune hit $340 billion (which only lasted a day or two) Elon Musk became the richest human in modern history, His fortune is $3 billion greater than [Elon Musk's current $165 billion net worth](https://www.celebritynetworth.com/richest-businessmen/ceos/elon-musk-net-worth/).

His wealth has been hit as shares in his electric car maker Tesla have more than halved.

"The Twitter circus show has hurt the Musk brand and it's a major overhang on Tesla's stock. "Musk has gone from a superhero to Tesla's stock, to a villain in the eyes of the Street, as the overhang grows with each tweet," he told the BBC. After building a stake in Twitter at the start of the year, Mr Musk made his $44bn offer in April, although many considered this offer to be too high.

The LVMH boss has a fortune estimated at $170.8 billion, exceeding Elon Musk's personal net worth.

In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. Meanwhile, Tesla shares are ...

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). For fastest news alerts on financial markets, investment strategies and stocks alerts, [subscribe to our Telegram feeds](https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ).) [wealth](/topic/wealth)of $185.4 billion, ahead of Musk which recorded a net worth of $185.3 billion, before jumping again to $190 billion. [Bloomberg Billionaires Index](/topic/bloomberg-billionaires-index), Musk, 51, is now worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73. In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. [Elon Musk](/panache/panache-people-101/elon-musk/profileshow/79257472.cms), who saw his net worth tumble by more than $100 billion in 2022, has been replaced by [Bernard Arnault](/panache/panache-people-101/bernard-arnault/profileshow/79679257.cms), the chief executive of luxury brand Louis Vuitton's parent company LVMH, as the world's richest man.

Elon Musk is no longer the world's richest person after Tesla's shares plunged 6 per cent - with a surprising businessman from France taking the title.

She is also the executive vice president at Louis Vuitton. All his children have senior roles at LVMH. New to Flash? LVMH was involved in what is believed to be the biggest luxury brand acquisition ever in January 2021 when it bought jeweller Tiffany & Co for $US15.8 billion ($A23 billion). Musk is also the chief executive of aerospace company SpaceX and social media network Twitter, which he took over in October after months of trying to wriggle out of the $US44 billion ($A64 billion) deal. Stella by Stella McCartney, Fenty Beauty by Rihanna and Benefit Cosmetics are in the perfumes and cosmetics category. In 1989, Arnault became the majority shareholder and chief executive of LVMH. The oldest of the children, Delphine, 47, became the youngest member of LVMH’s executive committee at age 43. Bernard Arnault is 73 years old and the chief executive of French luxury goods conglomerate LVMH Moët Hennessy – Louis Vuitton, known as LVMH. The title now belongs to French businessman Bernard Arnault, the chief executive of the LVMH empire, which includes Louis Vuitton, Christian Dior, Givenchy and Tiffany & Co, among other well-known luxury brands. It meant Musk ended the day worth an estimated $US181.3 billion ($A264.6 billion), while Arnault was worth about $US186.2 billion ($A271.7 billion). Elon Musk is no longer the world's richest person, according to Bloomberg and Forbes’ rich lists.

The title now belongs to French businessman Bernard Arnault, the chief executive of the LVMH empire, which includes Louis Vuitton, Christian Dior, Givenchy and ...

She is also the executive vice president at Louis Vuitton. All his children have senior roles at LVMH. In 1989, Arnault became the majority shareholder and chief executive of LVMH. Bernard Arnault is 73 years old and the chief executive of French luxury goods conglomerate LVMH Moët Hennessy – Louis Vuitton, known as LVMH. Musk is also the chief executive of aerospace company SpaceX and social media network Twitter, which he took over in October after months of trying to wriggle out of the US$44b (NZ$68.3b) deal. The title now belongs to French businessman Bernard Arnault, the chief executive of the LVMH empire, which includes Louis Vuitton, Christian Dior, Givenchy and Tiffany & Co, among other well-known luxury brands.

Louis Vuitton CEO Bernard Arnault has now taken over the world's richest person title after Elon Musk's Tesla shares fell sharply on Monday. | World News.

Arnault is also an art collector - which led to the opening of the Foundation Louis Vuitton in Paris’s Bois de Boulogne in 2014. According to Bloomberg’s wealth index estimates, the vast majority of Arnault’s fortune stems from his 97.5% stake in Christian Dior, which, in turn, controls about 41% of LVMH. Later, he spun off most of the company’s other businesses and used the windfall to buy a controlling stake in LVMH - whose two main companies - Louis Vuitton and Moet Hennessy had merged, reported Bloomberg. Born in Roubaix in the north of France in 1949, Bernard Arnault graduated from the elite engineering school École Polytechnique. He worked at the family business - Ferret Savinel - before moving to the US in 1981 where he ventured into property development. In the past years, the French tycoon has remained in the top 10 of the world's richest list but his position was below Amazon founder Jeff Bezos, and Meta founder Mark Zuckerberg.

French tycoon Bernard Arnault, is the man behind the luxury fashion empire LVMH Moët Hennessy Louis Vuitton, which holds over 70 brands such as Louis ...

Musk also made headlines when he asked [US medical adviser Anthony Fauci](https://www.arabianbusiness.com/latest-news/elon-musks-attack-on-anthony-fauci-are-disgusting-and-dangerous-says-white-house) to be “prosecuted”. [Indian chairman of Adani Group, Gautam Adani](https://www.arabianbusiness.com/money/indias-gautam-adani-dethrones-jeff-bezos-as-worlds-second-richest-person), followed by Amazon’s Jeff Bezos and Warren Buffet. He is also the first person from France – or Europe as a whole – to own the largest fortune. In 1984, Arnault undertook the reorganisation of the Financière Agache holding company and “returned the group to profitability as he embarked upon a strategy of developing the world’s leading luxury products company. He has also [openly fired former Twitter employees](https://www.arabianbusiness.com/industries/technology/elon-musk-fires-more-twitter-staff-workforce-now-at-2750-and-falling), reinstated banned users such as [Kanye West](https://www.arabianbusiness.com/industries/technology/banned-by-twitter-and-instagram-kanye-west-to-buy-rightwing-social-network-parler) and [Donald Trump](https://www.arabianbusiness.com/politics-economics/elon-musk-lifts-donald-trump-twitter-ban). [he overtook Twitter as chief in October](https://www.arabianbusiness.com/industries/technology/musk-starts-his-rule-at-twitter-by-firing-ceo-agrawal-and-three-others).

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton became the world's richest man with a net worth of $188.6 billion, ...

The group also sells champagne, wine, spirits, fashion, leather goods, watches, jewellery, hotel stays, perfume, cosmetics and has 5,500 stores worldwide, as per LVMH website. Mr Arnault returned to France in 1984 and bought Boussac Saint-Freres, the bankrupt textile group that owned Christian Dior. He worked for the Ferret Savinel family firm before relocating to the US in 1981 and starting a career in real estate development, as per LVMH website.

Elon Musk, once worth as much as $340 billion, has been displaced as the world's richest person by Bernard Arnault,73, the chief executive of luxury brand ...

The electric carmaker’s share price has crashed by more than 50% this year. Musk’s fortune has crashed by more than $100 billion since January to $163.1 billion, according to the Bloomberg Billionaires Index. Musk tried for months to withdraw from the Twitter deal, but could not do so.

According to the Bloomberg Billionaires Index, Bernard Arnault with a personal wealth of $185.4 billion, is now the world's richest man.

[PGurus App](https://play.google.com/store/apps/details?id=com.bilwg.pgurus&hl=en_IN&gl=US). Elon Musk, who saw his net worth tumble by more than $100 billion in 2022, has been replaced by Arnault as the world’s richest man. Bernard Arnault is the chief executive of luxury brand Louis Vuitton‘s parent company LVMH. Meanwhile, Tesla shares have plummeted around 58 percent to date. Elon Musk, 51, is now worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73. [Bernard Arnault](https://www.pgurus.com/?s=Bernard+Arnault) with a personal wealth of $185.4 billion, is now the world’s richest man.

Loss of top spot to LVMH chief executive comes after Tesla shares more than halve in value.

The electric car company has lost more than half of its market value since Musk first made a bid for Twitter in April. It calculates that he is now worth about $177bn, compared with Arnault’s net worth of $188bn. Musk has [sold about $20bn of Tesla shares](https://www.theguardian.com/technology/2022/nov/09/elon-musk-sells-tesla-shares-worth-4bn#:~:text=Musk%2C%20who%20is%20the%20world%27s,around%20135%20million%20Tesla%20shares.) since April to fund his purchase of Twitter. [ took ownership of Twitter](https://www.theguardian.com/technology/2022/oct/27/elon-musk-completes-twitter-takeover), is the chief executive of Tesla and its largest shareholder. [falls in the value of shares](https://www.theguardian.com/technology/2022/dec/09/elon-musk-could-lose-world-richest-person-title-tesla-value-almost-halves-twitter) in his electric car company Tesla.

As Tesla shares drop in value and his Twitter takeover continues to look shakey, Musk has lost his title.

Forbes estimates that Musk is currently worth around $178 billion (£144 billion). In order to finance his acquisition, Musk sold billions of dollars worth of Tesla shares, which aided in the price decline. In the end, Advertisement He has [held the top place since 2021](https://www.nationalworld.com/news/people/elon-musk-net-worth-tesla-spacex-ceo-money-buy-twitter-3656586).

According to Forbes' real-time billionaires list, the 51-year-old's net worth decreased by $4.5bn (-2.9%) in comparison to Arnault, who oversees some 70 ...

Trying to interject the hostile reaction, Musk spent most of the five-minute appearance awkwardly standing still or pacing around on stage. [three council members announced they were resigning](https://news.sky.com/story/elon-musks-twitter-dissolves-trust-and-safety-council-just-days-after-its-members-speak-out-12767148) in a public statement posted on Twitter that said "contrary to claims by Elon Musk, the safety and wellbeing of Twitter's users are on the decline". A year prior, the same happened to Musk. [dissolved its Trust and Safety Council](https://news.sky.com/story/elon-musks-twitter-dissolves-trust-and-safety-council-just-days-after-its-members-speak-out-12767148), which was formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform. [Click to subscribe to the Sky News Daily wherever you get your podcasts](https://podfollow.com/skynewsdaily) [Today, the account has been suspended](https://news.sky.com/story/twitter-account-which-tracked-elon-musks-private-jet-is-suspended-12768020). [greeted with "a lot of boos"](https://news.sky.com/story/elon-musk-admits-a-lot-of-boos-greeted-his-cameo-at-dave-chappelle-gig-12766825) during an awkward on-stage appearance at a Dave Chappelle comedy show in San Francisco. [Tesla](https://news.sky.com/topic/tesla-6868), but stocks closed down 6.87% for the day today. [track the billionaire's aircraft, revealing the amount of pollution they cause](https://news.sky.com/story/worlds-second-richest-man-bernard-arnault-sells-private-jet-so-climate-activists-cant-track-him-12724462). Forbes said that the businessman's wealth peaked in November 2021 when he was worth $320bn (£258bn). The SpaceX and Tesla chief described the tracker, which uses publicly available air-traffic information, as a potential threat to his safety - and offered the teenager behind the social media page $5k (£4k) to shut down the @ElonJet account, which was rejected. According to Forbes' real-time billionaires list, the 51-year-old's net worth decreased by $4.5bn (-2.9%) in comparison to Arnault, who oversees some 70 fashion and cosmetic brands, whose rose by $849m (0.46%).

Arnault becomes the fifth person to rank number one on Bloomberg's wealth index since it debuted in 2012 after Elon Musk, Jeff Bezos, Bill Gates and Carlos ...

After that, he worked for the family business, Ferret Savinel, which specialised in industrial building, until relocating to the US in 1981 and starting a career in real estate development. [According to Forbes](https://www.forbes.com/real-time-billionaires/#3d81a6ea3d78), Musk is now worth about $176 billion (£142 billion), meanwhile, Arnault has a value of $187 billion (£152 billion). He then bought a controlling interest in LVMH, whose two principal businesses, [$44 billion takeover of social network Twitter](https://www.standard.co.uk/news/world/elon-musk-buys-twitter-deal-social-media-tesla-tech-b996213.html) in October and Musk had to sell billions of dollars worth of Tesla shares to help fund his purchase, which helped to [push the shares down](https://www.forbes.com/sites/mattdurot/2022/12/13/teslas-market-cap-dips-below-500-billion-tuesday-widening-gap-between-musk-and-worlds-no-1-richest-to-12-billion/?sh=706fde315dd6). [Louis Vuitton ](https://www.standard.co.uk/topic/louis-vuitton)and Moet Hennessy had amalgamated in 1987, after spinning off the majority of the company's other operations. [Bernard Arnault](https://www.standard.co.uk/topic/bernard-arnault) has overtaken [Elon Musk as the world’s richest man](https://www.standard.co.uk/topic/elon-musk), according to Forbes and Bloomberg.

Elon Musk has lost his spot as the world's richest person for the second time in a week, with Louis Vuitton Moet Hennessy (EPA:MC) part-owner...

[resilience of the luxury goods market](https://www.proactiveinvestors.co.uk/companies/news/1000812/louis-vuitton-chief-knocks-elon-musk-albeit-briefly-off-top-of-forbes-rich-list-1000812.html) in the face of the current global economic downturn. [activist shareholder Tulipshare](https://www.proactiveinvestors.co.uk/companies/news/999995/nothing-says-christmas-like-the-gift-of-esg-999995.html). [Twitter madness](https://www.proactiveinvestors.co.uk/companies/news/997886/tesla-s-musk-told-to-end-twitter-madness-by-wedbush-analysts-997886.html),” suggesting he was abandoning Tesla at a crucial time. [Twitter Inc (NYSE:TWTR)](https://www.proactiveinvestors.co.uk/NYSE:TWTR/Twitter-Inc/) for US$44bn in October, new chief executive Musk has been battling to turn the social media into a profit-making business. [Louis Vuitton Moet Hennessy (EPA:MC)](https://www.proactiveinvestors.co.uk/EPA:MC/Louis-Vuitton-Moet-Hennessy/) part-owner Bernard Arnault reclaiming the title.