Elon Musk Momentarily Cedes The Title Of World Richest Person To Bernard Arnault Of LVMH

Elon Musk: On December 7 at 3:30 p.m. ET, Bernard Arnault passed Elon Musk for the second time today to become the wealthiest person in the world. He was believed to be valued at $184.7 billion, with Musk following at $14.6 billion. At the closing of trading on Wall Street, Musk was back on top with an estimated net worth of $185.4 billion, or $700 million more than Arnault. As always, Forbes will report on who’s rising and who’s falling in the rankings.

Elon Musk Momentarily Cedes The Title Of World Richest Person To Bernard Arnault Of LVMH

Elon Musk became the wealthiest person in the world for the first time on September 27, 2021, when he passed Amazon’s, Jeff Bezos. When Forbes emailed Tesla’s CEO for a response that day, he responded: “I’m sending a gigantic monument of the numeral ‘2’ to Jeffrey B., along with a silver medal.” On Wednesday at 10:50 AM EST, 14 months later, Musk once again had legitimate ownership of the runner-up trophy. To be fair, he shouldn’t place the responsibility on Bezos.

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The French luxury goods tycoon Bernard Arnault of LVMH briefly held the title of the world’s richest person on Wednesday morning. Arnault, with a net worth of $185.4 billion (Musk was worth $185.3 billion, and the two have been frequently swapping places ever since), topped Forbes’ ranking of the world’s wealthiest throughout much of 2021.

Around 12:30 pm EST, Musk regained the number one spot. The two men’s fortunes are roughly the same – divided by only $200 million – so it won’t be unexpected if they continue to flip-flop in Forbes’ ranks of the world’s wealthiest.

Elon Musk Losts The Title Of World Richest Person
Elon Musk Losts The Title Of World Richest Person

On Wednesday morning, Arnault’s wealth increased by several hundred million dollars as shares of his luxury business rose somewhat. However, Arnault’s regained status as the world’s richest person is mostly due to the precipitous decline of Tesla’s share price, as LVMH’s stock has been flat this year. The CEO of Tesla, an electric vehicle manufacturer, saw his fortune decline from its all-time high of $320 billion in November 2021, when car rental company Hertz announced a massive order from Tesla.

A majority of Musk’s wealth originates from one firm, and this one has had a tumultuous year. However, the stock has done badly. As a percentage of market value, Tesla shares are down roughly 50% year-to-date. Compared to the rest of the tech-focused Nasdaq, that’s a significant drop. Although he still controls over 25% of Tesla through stock and options, Musk has seen a 43% drop in his net worth since its all-time high in November 2021.

While Tesla did post record sales and profits in the first quarter of 2022, giving Musk access to options worth $23 billion at the time, supply chain concerns, especially those stemming from China’s zero-Covid policy, have plagued the company’s performance ever since.

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While the business’s adjusted profits per share for the second and third quarters surpassed analysts’ estimates, the company missed its sales targets for both quarters for the first time in two years. But the firm has Musk’s $44 billion Twitter buyout primarily to thank for its dropping stock price, having lost roughly half of its worth since the deal was initially disclosed on April 14.

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