According to the Forbes World’s Billionaires list Bernard Arnault is now the richest person in the world after surpassing Elon Musk, Twitter's new boss and Tesla CEO.His net worth is estimated as $184.3 Billions. Arnault displaced Musk as the world’s richest person after Tesla shares fell sharply and the LVMH stock price simultaneously increased on Monday.
Musk has been the world’s richest person since September 2021 after he overtook Amazon founder Jeff Bezos. Arnault made his fortune by building the world’s largest luxury goods company, including brands like Louis Vuitton but also Tiffany, Celine and Tag Heuer. Tesla shares closed down about 6.3 per cent on Monday, and have more than halved in value this year to some extent due to a sell-off that accelerated after Musk's $44 billion Twitter acquisition.
Musk's wealth peaked at $340 billion, The Economist reported. He overtook Amazon founder Jeff Bezos as the wealthiest person in the world in September of 2021. But his wealth has dropped along with Tesla's share price in recent months after a string of questionable business moves, including purchasing the social media platform Twitter for $44 billion in October.
Financial analysts say investors are losing confidence in Musk and his companies. Most of Musk's wealth comes from Tesla, and as Musk appears to be straying from Tesla to Twitter, investors are rethinking their relationships with the man and his brand.
Forbes reported Musk's fall from No. 1 after Tesla's shares dropped 6% Monday. Forbes reported part of the decline was because of Musk's erratic online activity over the weekend and negative public perception.
On Saturday, the Musk tweeted an out-of-context excerpt from 2016 academic writings of Twitter's former head of trust and safety, Yoel Roth. The tweet implied that Roth's research with the University of Pennsylvania promoted child exploitation, leading to Roth and his family fleeing their home after receiving threats.
On Sunday, Musk tweeted his pronouns were "Prosecute/Fauci," and on Monday, he tweeted, "the woke mind virus is either defeated or nothing else matters."
On Sunday night, Musk appeared on stage with comedian Dave Chappell in San Fransisco, where he was booed by the crowd for almost 10 minutes.
Financial analysts say investors are losing confidence in Musk and his companies. Most of Musk's wealth comes from Tesla, and as Musk appears to be straying from Tesla to Twitter, investors are rethinking their relationships with the man and his brand.
Know about Bernard Arnault:
Bernard Arnault is a French businessman and the chairman of LVMH Moet Hennessy and the CEO of Luios vitton group. The group owns some 70 companies, including Dom Perignon (wines), Louis Vitton, Fendi, Marc Jacobs (clothing) and Fenty Beauty by Rihanna (make-up).
Four of his children are working in the different corners of the LVMP empire. The 73-year-old was born and raised in an industrial family. He started his professional career as an engineer.
In 1971, he joined his father’s construction firm, Ferret-Savinel. Eight years later, he changed the company’s name to Ferinel Inc. and shifted its focus to real estate. In 1979, Arnault became the president of the company.
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