Is Elon Musk no longer the richest man in the world?

Elon Musk is no longer the richest man in the world. Bernard Arnault CEO of LMVH Moet Hennessy Louis Vuitton and President of the Board of Directors at Groupe Arnault SE and his family surpassed Elon Musk to become the richest person in the world.

Bernard Arnault has an estimated net worth of US$188.6 billion as of December 2022 according to Forbes.

This rise in the rankings is purely due to the stock price of LVMH, which has risen from 3378.9 EUR a year ago to 655.60 EUR this week.

This resulted in a massive increase in Arnault’s fortune, which has increased by more than $110 billion in the last 14 months.

Last Monday, LVMH’s stock closed 1% higher, and this seemingly minor price increase netted Arnault nearly $2 billion.

Elon Musk is Tesla’s CEO and the company’s largest shareholder, with a reported 14% stake. In October, 2022, he completed a $44 billion takeover of the social network Twitter.

According to Forbes, Elon Musk is now worth approximately $178 billion (£152 billion). Meanwhile, Bernard Arnault is worth $188 billion.

Bernard Arnault’s company LVMH has grown to become the largest company in the Eurozone by market capitalization under Arnault’s leadership, with a record of 313 billion euros ($382 billion) as of May 2021.