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Dogecoin Fan Elon Musk No Longer World’s Richest Person

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Wed, 7/12/2022 - 17:35
Dogecoin Fan Elon Musk No Longer World’s Richest Person
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Controversial tech entrepreneur Elon Musk is no longer the world’s richest person, according to Forbes Magazine.

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Musk has slipped below French fashion tycoon Bernard Arnault. As of today, the two are valued at $185.4 billion and $185.3 billion, respectively. 

Indian coal magnate Gautam Adani comes in third place with a net worth of $134.8 billion. 

Amazon founder Jeff Bezos’s fortune stands at $115 billion. Berkshire Hathaway CEO Warren Buffett, who is also known as one of the harshest cryptocurrency critics, is also in the top five with a net worth of $107 billion. 

Arnault
Image by forbes.com

Musk’s net worth has taken a severe hit due to the disastrous performance of the Tesla stock, which is down a whopping 57% on the year-to-date basis. At press time, TSLA is down 3.85% as the e-car manufacturer is struggling to deal with slowing demand. 

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Arnault serves as the chief executive officer of Louis Vuitton SE, the largest luxury goods company in the world. LVMH controls such prominent brands as Christian Dior, Sephora, Louis Vuitton, Tiffany & Co, Marc Jacobs, Stella McCartney, Loewe, Kenzo, and others. On top of that, the luxury conglomerate controls watch company TAG Heuer.  

The French tycoon’s fortune received a boost from LVMH’s stronger-than-expected third-quarter earnings that were reported in November. 

Unlike Tesla cars, luxury goods continue to see strong demand, with Louis Vuitton and Dior seeing organic growth in 2022.

Arnault originally became the world's richest person back in May 2021. Back then, Bezos and Musk were in second and third places, respectively.

The French magnate, who turned 73 in March, has been at the helm of his luxury goods empire for decades. The ageing LVMH boss will have to decide which one of his five children will take his throne.  

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