Elon Musk is no longer the world's richest person after the stunning rise of this French billionaire
Tesla's drop in share price corresponded with a rise in LVMH stock price which pushed Elon Musk to the second spot, bringing Arnault on top.
- Dec 14, 2022,
- Updated Dec 14, 2022 9:02 AM IST
Elon Musk is no longer the richest person in the world, according to the Bloomberg Billionaires Index. Musk slipped to the second spot, giving way to famous French billionaire and CEO of Louis Vuitton Bernard Arnault. Musk's decline can be attributed to a drop in Tesla's share price.
Tesla's drop in share price corresponded with a rise in LVMH stock price which brought Arnault to the lead. Arnault's net worth now hovers at $171 billion while Elon Musk is at $164 billion.
Indian billionaire Gautam Adani maintained the third spot with a total net worth of $125 billion followed by Amazon chief Jeff Bezos and Bill Gates, both at $116 billion. Mukesh Ambani is on the 9th spot in the list with a total net worth of $89.7 billion. Shiv Nadar is also positioned at the 49th position with a total net worth of $24.7 billion.
Tesla investors have been concerned about Elon Musk's excessive involvement with Twitter after his takeover in October. Musk has assured investors in the past that he is leading the social media company temporarily. Musk plans to appoint a new CEO for Twitter after streamlining operations at the company.
Tesla shares have dropped by 28% since Oct 27, when Elon Musk finalized the $44-billion Twitter deal. In comparison, share price of other US car makers like Volkswagen, Ford and GM have risen in the same period.
Also read: Massive crowd greets Elon Musk with 'boos' at comedy show, see how he reacted Also read: Will Twitter raise character limit to 4,000 from 280? Elon Musk says 'yes'
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Elon Musk is no longer the richest person in the world, according to the Bloomberg Billionaires Index. Musk slipped to the second spot, giving way to famous French billionaire and CEO of Louis Vuitton Bernard Arnault. Musk's decline can be attributed to a drop in Tesla's share price.
Tesla's drop in share price corresponded with a rise in LVMH stock price which brought Arnault to the lead. Arnault's net worth now hovers at $171 billion while Elon Musk is at $164 billion.
Indian billionaire Gautam Adani maintained the third spot with a total net worth of $125 billion followed by Amazon chief Jeff Bezos and Bill Gates, both at $116 billion. Mukesh Ambani is on the 9th spot in the list with a total net worth of $89.7 billion. Shiv Nadar is also positioned at the 49th position with a total net worth of $24.7 billion.
Tesla investors have been concerned about Elon Musk's excessive involvement with Twitter after his takeover in October. Musk has assured investors in the past that he is leading the social media company temporarily. Musk plans to appoint a new CEO for Twitter after streamlining operations at the company.
Tesla shares have dropped by 28% since Oct 27, when Elon Musk finalized the $44-billion Twitter deal. In comparison, share price of other US car makers like Volkswagen, Ford and GM have risen in the same period.
Also read: Massive crowd greets Elon Musk with 'boos' at comedy show, see how he reacted Also read: Will Twitter raise character limit to 4,000 from 280? Elon Musk says 'yes'
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine