Elon Musk, the owner of Tesla, SpaceX, and Twitter, has lost the title of being the world’s most prosperous. According to the Bloomberg Billionaires Index, Bernard Arnault has replaced him. He has now become the wealthiest man in the world. Musk has suffered a significant setback after Twitter’s acquisition.
Arnault heads the fashion giant LVMH. The wealth of 51-year-old Elon Musk has declined by about $ 100 billion so far this year. His net worth has come down to $168.5 billion, while Arnault, 73, was valued at $172.9 billion on Monday morning. LVMH accounts for 48 percent of Arnault’s wealth. The conglomerate owns around 70 fashion and beauty brands, according to Forbes.
Tesla’s share price fell by 50 percent.
This year has been bad financially for Elon Musk. The value of his property has come down drastically. Recently, he acquired Twitter, the world’s leading micro-blogging site, for $44 billion. After this, he suffered an economic setback due to the fall in the share prices of his companies. The stock of his flagship company Tesla has fallen by 50 percent this year.
Musk also tried to back out of the Twitter acquisition but had to buy it due to a court tussle. He had to sell Tesla shares worth more than $15 billion to acquire Twitter. When Musk finalized his acquisition of Twitter in October, the Bloomberg Wealth Index cut his net worth by $10 billion. Since the purchase of Twitter, Musk has been making extensive changes to it. Steps like retrenchment and policy changes have also been taken, but controversies have also arisen along with these.
LVMH is a leader in fashion, wine, and retail
At the same time, France’s LVMH (LVMH Moet Hennessy Louis Vuitton), the leading company of Bernard Arnault, who took the title of the world’s richest man from Musk, is making huge profits from the boom again in the fashion, wine and retail sectors. Besides the company’s Christian Dior, Fendi, jewelers Bulgari, and Tiffany & Co, brands such as champagne houses have steadily increased their wealth.
These are the ten wealthiest people in the world:
- 1. Bernard Arnault France $171 billion
- 2. Elon Musk US $164 billion
- 3. Gautam Adani India $125 billion
- 4. Jeff Bezos US $116 billion
- 5. Bill Gates US $116 billion
- 6. Warren Buffett US $108 billion
- 7. Larry Ellison US $92 billion
- 8. Steve Ballmer US $90 billion
- 9. Mukesh Ambani India $89 billion
- 10. Larry Page US $88 billion
Two Indians in Forbes Rich list, Adani at number three:
Two Indians also feature in Forbes’ list of real-time billionaires. Industrialist Gautam Adani is number three in the world’s top 10 rich. Asia’s richest, Gautam Adani, has a net worth of $134 billion. At the same time, Mukesh Ambani is in the eighth position. His assets are worth $ 92.5 billion.