Elon Musk loses richest man in the world status to Bernard Arnault

After a sharp drop in the value of his stake in the electric car maker and a $44 billion bet on a social media firm, Tesla boss and Twitter owner Elon Musk lost the title of the world’s richest to Bernard Arnault on Wednesday.
Tesla shares were down about 4 per cent in morning trading on Wednesday, December 7, 2022.

This will come months after Musk sold Tesla shares to finance his $44 billion purchase of Twitter.

LVMH Mo t Hennessy Louis Vuitton SE earned the title of the world s richest with a personal wealth of $185.4 billion. According to Forbes, Bernard Arnault, who is the founder of the world’s largest luxury goods company LVMH Moët Hennessy – Louis Vuitton SE, won the title of “world’s richest” with a personal wealth of $185.4 thousand. millions

Elon Musk took the title of the world’s richest from Jeff Bezos, the founder of Amazon.com, in 2021, with a net worth of $185.7 billion.

Tesla has lost nearly half its market value, and Musk’s net worth has shrunk by about $70 billion since he made a bid for Twitter in April.