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Elon Musk loses the title of being the world's wealthiest person

Elon Musk loses the title of being the worlds wealthiest person

December 14, 2022: -Tesla CEO Elon Musk is not the world’s wealthiest person. According to Forbes, he ceded that title to the chairman of LVMH and CEO Bernard Arnault at the close.

Tesla shares closed below about 6.3% for the day and have over halved in value this year partially because of a sell-off that started in the wake of Elon Musk’s $44 billion Twitter acquisition.

Musk’s money, mostly linked to Tesla stock, was propelled by a meteoric increase in the carmaker’s share price, which rocketed over 1,000% in two years.

Arnault owns a little over 60% of LVMH’s voting share class through holding vehicles and family trusts, according to SEC filings. Arnault is worth $186.2 billion, Forbes stated.

The FactSet data stated, Musk owns 14.11% of Tesla’s outstanding shares, with a market price of $530 billion. Musk also owns over 40% of SpaceX shares, which stated billions on paper to his net worth, linked to a $125 billion private demand valuation from June 2022.

In a down-price year, LVMH shares decreased just 1.5% in 2022.  LVMH is dependent on Paris and is listed on Euronext Paris.

The Bloomberg Billionaires Index, which uses many different methodologies, still rates Musk as the richest person in the world, with $168 billion compared to Arnault’s $167 billion.

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