Bernard Arnault, the chairman of French luxury goods giant LVMH, became the richest person in the world last week surpassing Elon Musk — according to Forbes “The World’s Real-Time Billionaires.”
At the time of this post, Bernard is worth $182.4 billion, eclipsing Tesla CEO Elon Musk’s $169.8 billion.
Musk’s net worth has tumbled by more than $100 billion since January, according to the Bloomberg Billionaires Index, largely due to his Twitter purchase. In order to help fund the Twitter purchase, Musk sold billions of dollars worth of Tesla shares, which pushed the share price down.
Related: Elon Musk Purchases Twitter for $44 Billion
Tesla investors have also been concerned that demand for the company’s electric cars may slow as the economy weakens and higher borrowing costs discourage buyers, further impacting the company’s value.
Bernard’s wealth, which stems from his controlling stake in LVMH, has suffered a more modest $7 billion decline.
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Episode 134 – How the Midterm Elections Will Impact the Markets