Elon Musk is no longer the world’s richest person, according to Forbes’s real-time billionaire ranking.
Bernard Arnault and his family, who own luxury goods company LVMH, surpassed Musk on the list as Tesla shares fell sharply and the LVMH stock price simultaneously increased early this week.
Musk’s net worth clocked in at $176.8 billion as of Tuesday, compared to Arnault’s $186.6 billion, according to Forbes.
Arnault’s company includes many clothing and luxury brands as subsidiaries, including Sephora, Birkenstock and Tiffany & Co.
Musk’s wealth is largely tied to Tesla, causing him to lose billions as shares fell 6.3 percent on Monday and another 4.1 percent on Tuesday.
He owns about 25 percent of the electric car company between stock and options, according to Forbes.
Tesla’s market cap has fallen by more than half this year after the company’s financial successes largely drove Musk’s rise to the top of the list.
But as Musk moved closer to purchasing Twitter, Tesla’s share price in mid-September began experiencing significant drops. Musk’s $44 billion takeover deal to own the social media company in part involved loans collateralized by Musk’s Tesla stock holdings.
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Elon Musk no longer world’s richest person: Forbes https://t.co/jH7vY0elUC pic.twitter.com/lG3tgDvU5S
— The Hill (@thehill) December 13, 2022
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