Elon Musk dethroned as world’s richest individual. Here’s who’s No.1 now

Twitter’s new boss and Tesla CEO Elon Musk is not the world’s richest individual after Tesla shares fell sharply on Monday, based on Forbes.

New Delhi,UPDATED: Dec 14, 2022 07:39 IST

Musk has been the world’s richest individual since September 2021 after he overtook Amazon founder Jeff Bezos. (Photo: Reuters)

By India Today Web Desk: Elon Musk, Twitter’s new boss and Tesla CEO, is not the world’s richest individual anymore, based on Forbes. The title of the richest individual on the earth is now with Louis Vuitton CEO Bernard Arnault after a decline in Tesla’s share worth.

Arnault displaced Musk because the world’s richest individual after Tesla shares fell sharply and the LVMH inventory worth concurrently elevated on Monday, reported CNBC. According to Forbes, Arnault is price $186.2 billion.

Also Read | Elon Musk briefly loses world’s richest individual title to Louis Vuitton CEO

Musk has been the world’s richest individual since September 2021 after he overtook Amazon founder Jeff Bezos. Arnault made his fortune by constructing the world’s largest luxurious items firm, together with manufacturers like Louis Vuitton but additionally Tiffany, Celine and Tag Heuer.

Tesla shares closed down about 6.3 per cent on Monday, and have greater than halved in worth this yr to some extent because of a sell-off that accelerated after Musk’s $44 billion Twitter acquisition.

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According to SEC filings, Arnault owns slightly over 60 per cent of LVMH’s voting share class via holding automobiles and household trusts.

Who is Bernard Arnault?

Bernard Arnault is a French businessman and the chairman of LVMH Moet Hennessy and the CEO of Luios vitton group. The group owns some 70 firms, together with Dom Perignon (wines), Louis Vitton, Fendi, Marc Jacobs (clothes) and Fenty Beauty by Rihanna (make-up).

Four of his kids are working within the completely different corners of the LVMP empire. The 73-year-old was born and raised in an industrial household. He began his skilled profession as an engineer.

In 1971, he joined his father’s building agency, Ferret-Savinel. Eight years later, he modified the corporate’s identify to Ferinel Inc. and shifted its focus to actual property. In 1979, Arnault grew to become the president of the corporate.

Edited By:

Manisha Pandey

Published On:

Dec 14, 2022