Elon Musk gives up top spot on Forbes list of world's richest people to Louis Vuitton chief
to Bernard Arnault, the CEO of the French company that owns Louis Vuitton, on Wednesday.
The net worth of both men continued to be in flux, but Forbes estimated that Arnault was worth $185.8 billion on Wednesday afternoon, with Musk at $185.7 billion.this year following a sharp slide in Tesla shares, which accounts for the bulk of his fortune. Tesla was down almost 4% on Wednesday, valuing the EV maker at just over $541 billion. The stock has fallen almost 57% since the start of the year.
Musk's $44 billion takeover of Twitter has also played a role as he's sold some of his holding in Tesla to help fund it. His focus on the social media company has also led some investors to question Tesla's prospects., however, the Tesla CEO is still estimated to be the world's wealthiest person with a net worth of $179 billion. That makes him about $14 billion richer than the LVMH chief, who is worth $165 billion, according to Bloomberg.
Musk became the world's richest person last year after overtaking Amazon founder Jeff Bezos. At the time, Musk said heArnault is CEO and chairman of LVMH, the Paris-listed conglomerate that has become the world's biggest luxury group. It owns about 70 fashion and cosmetic brands including Sephora, Tiffany & Co, Givenchy, Christian Dior, Dom Perignon and Moët Hennessy and is worth 358 billion euros .
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