A rise in the stock price of LVMH coincided with a decline in the price of Tesla’s shares, which knocked Elon Musk to second place and gave Arnault the top slot.
Bloomberg’s Billionaires Index indicates that Elon Musk is no longer the richest person in the world. Musk dropped to second place, making way for Bernard Arnault, the CEO of Louis Vuitton and a well-known French billionaire. Tesla’s stock price decline is to blame for Musk’s decline.
The decline in the price of Tesla’s stock coincided with an increase in the price of LVMH, which elevated Arnault to the top spot. Arnault currently has a net worth of $171 billion, compared to Elon Musk’s $164 billion.
Bill Gates and Amazon CEO Jeff Bezos, both with a net worth of $116 billion, are next in line, followed by Indian billionaire Gautam Adani. With a total net worth of $89.7 billion, Mukesh Ambani ranks ninth on the list. With a total net worth of $24.7 billion, Shiv Nadar is ranked 49th overall.
Following his takeover of Twitter in October, Elon Musk’s role there has raised concerns among Tesla investors. In the past, Musk has reassured investors that he is only serving as the social media company’s interim leader. After restructuring Twitter’s operations, Musk intends to name a new CEO for the company.
Since Oct. 27, when Elon Musk completed the $44 billion Twitter deal, Tesla shares have decreased by 28%.
In contrast, the stock prices of other US automakers including Volkswagen, Ford, and GM increased throughout that time.
