Tesla CEO Elon Muskhe is no longer richest man in the worldsince he has lost his position behind the president and executive director of the luxurious LVMH, the French Bernard Arnault and his family, according to Forbes.
A fall in the price of Tesla shares – which today closed with a drop of 6.27% – has caused Arnault to rise one place in the ranking.
The electric vehicle company’s share value has more than halved this year, partly due to a sell-off that was accelerated in the wake of Musk’s $44 billion acquisition of Twitter.
The Arnault family oversees the LVMH empire of some 70 fashion and cosmetics brands – including Louis Vuitton, Sephora and US jeweler Tiffany & Co – and is worth $186.2 billion, according to Forbes.
For his part, Musk has a wealth of 181.3 billion, according to the specialized media.
Musk became the richest man in the world in September 2021, when he surpassed Amazon founder Jeff Bezos.
Musk’s wealth, mostly tied up in Tesla shares, was buoyed by a meteoric rise in the automaker’s stock price, which skyrocketed more than 1,000% in two years.
According to FactSet data, Musk currently owns 14.11% of Tesla’s shares, with a market value of $530 billion.
Musk also owns more than 40% of SpaceX shares, adding billions to his net worth.
It is not the first time this year that Musk momentarily falls on this list, since last week he briefly lost his title as the richest person to the Arnaults.