Elon Musk is no longer the richest person in the world. According to Forbes and Bloomberg, Bernard Arnault, the CEO of luxury group LVMH, is now the wealthiest individual in the world. The news comes after the Tesla CEO was booed off stage at a Dave Chappelle show.
Since Musk made a bid for Twitter in April, Tesla’s market value has fallen by more than half. The company’s share price has also declined, which has reportedly cost Musk around $7 billion. He is now worth an estimated $177 billion, compared to Arnault’s net worth of $188 billion.
The decline in Tesla’s stock price has likely been caused by a combination of factors. One of these factors could be disappointing quarterly results, which may have caused investors to lose confidence in the company’s performance. Another possible reason is concerns about disruptions at one of Tesla’s factories in Shanghai.
Additionally, some investors have expressed their concerns that Musk, who is known for his ambitious and sometimes controversial plans, may be distracted by his other ventures, such as SpaceX and running Twitter. In recent months, Musk has faced criticism for his behaviour on Twitter.
Despite these challenges, Musk remains a highly influential and innovative figure in the technology industry. He has a reputation for being a visionary and a disruptor, and many are watching to see how he will navigate the current challenges facing Tesla and his other businesses.
Bernard Arnault is the CEO of LVMH, a luxury goods company based in France. LVMH is the parent company of several well-known luxury brands, including Louis Vuitton, Dior, and Moët & Chandon. Arnault has been the CEO of LVMH since 1989. Prior to becoming the CEO of LVMH, Arnault worked at his family’s construction business and later became a senior executive at luxury goods company, Financière Agache.