Twitter and Tesla owner, Elon Musk has lost his place as the richest man in the world to Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH.
Tesla’s shares fell about 4 per cent in morning trading on Wednesday, 7th of December 2022.
This is coming months after Musk sold Tesla stocks to fund the $44 billion purchase of Twitter.
According to Forbes, Bernard Arnault, who is the founder of the world’s largest luxury goods company, LVMH Moët Hennessy – Louis Vuitton SE, took the ‘world richest’ title with a personal wealth of $185.4 billion.
Elon Musk took over the World’s Richest title from Jeff Bezos, the founder of Amazon.com, in 2021, with a net worth of $185.7 billion.
Tesla lost nearly half of its market value, and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April.
Meanwhile, Gautam Adani, the chairman of Adani Group with interests in ports, airports, power generation and transmission, green energy, edible oils, cement and real estate, among others is the third richest on man.
He is followed by Jeff Bezos the founder e-commerce giant Amazon.