Elon Musk Loses Title of World’s Richest Man to Bernard Arnault
Elon Musk has lost his title of the world’s richest man to Bernard Arnault, the CEO of LVMH Moët Hennessy – Louis Vuitton, the world’s largest luxury goods company.
Musk’s net worth is largely tied to the performance of Tesla’s stock, which has been stagnant in recent months. In contrast, Arnault’s net worth has been boosted by the rising stock price of LVMH.
This is the third time that Arnault has surpassed Musk in net worth in the past year. The gap between their net worth is now larger than ever, with Arnault having a net worth of $211 billion and Musk having a net worth of $198 billion.
Musk’s recent decline in net worth is due in part to a Delaware judge’s decision to annul a $55.8 billion pay deal that had been awarded to him by Tesla. The judge ruled that the pay deal was not properly approved by Tesla’s shareholders.
The decline in Tesla’s stock price is also a factor in Musk’s declining net worth.
Tesla’s stock price has been under pressure in recent months due to a number of factors, including concerns about the global economy, competition from other electric vehicle makers, and Musk’s own controversial behavior on social media.
Despite losing his title of the world’s richest man, Musk remains one of the wealthiest people in the world. He is also the CEO of SpaceX, another highly successful company.
It is likely that Musk will eventually regain his title of the world’s richest man, but for now, Bernard Arnault reigns supreme.