Elon Musk is no longer the world’s richest businessman. French billionaire and CEO of Louis Vuitton Moet Hennessy, Bernard Arnault has overtaken him and reached the first position. The reason for the decline in Musk’s net worth is the continuous decline in Tesla shares and the rise in LVMH shares. Musk has slipped to second place in both the Bloomberg Billionaires Index and Forbes.
According to Forbes, Arnault’s net worth is now $ 207 billion (about Rs 17.20 lakh crore), while Elon Musk’s net worth is $ 204 billion (about Rs 16.96 lakh crore). Whereas Jeff Bezos is at number three in this list. His net worth is around Rs 15.04 lakh crore.
Mukesh Ambani is in 11th place with assets of $ 104 billion (about Rs 8.64 lakh crore). Whereas Gautam Adani is at number 16 in this list. His net worth is 75 billion dollars (6.23 lakh crore rupees).
Why did Elon Musk’s net worth decrease?
Shares of Musk’s company Tesla have seen a decline of more than 26% so far this year. On January 1, it was at $248.42, which has now come down to $183.25 (January 28). Musk’s net worth has declined due to falling stock prices. Whereas LVMH shares have seen a rise of 7% so far this year.
Who is Bernard Arnault?
Bernard Arnault is considered the godfather of the modern luxury fashion industry. He is the founder, chairman and largest shareholder of Louis Vuitton Moët Hennessy, the world’s largest fashion conglomerate. In terms of market cap, Bernard’s group is almost four times larger than its nearest rival, Kering. LVMH owns 75 luxury brands from 60 subsidiaries.