Elon Musk has many things, but as of this week, he is no longer the richest person in the world. According to Forbes and Bloomberg News, that position now belongs to France’s Bernard Arnault, chairman, and CEO of luxury goods maker LVMH.
According to World Bank data, Musk’s fortune has fallen by $100 billion in a tumultuous year, more than the gross domestic product of Bulgaria, Croatia, Iceland, and Uruguay.
The 51-year-old Musk’s fortune is tied mainly to the price of Tesla shares, which have lost more than half their value since January, a slide that intensified after Musk bought Twitter for $44 billion.
The Bloomberg Billionaires Index estimates Arnault’s wealth at $171 billion and Musk’s at $164 billion — a loss of $107 billion for the year.
According to Forbes ‘ rankings late Monday, Arnault’s net worth is now $190.9 billion, while Musk’s net worth is $174 billion. Arnault, 73, owns 48% of LVMH, which owns brands such as Louis Vuitton and Tiffany.