Forbes released its list of the world’s wealthiest people on December 7, 2022, with Bernard Arnault taking the top position, dethroning Elon Musk.
Bernard Arnault, the CEO and chairman of the French multinational luxury goods company LVMH, oversees brands like Sephora, Tiffany & Co., Givenchy, Christian Dior, Dom Pérignon, and Moët Hennessy. His net worth is estimated at $376 billion.
Musk’s fortune has dropped by over $100 billion this year, driven by a sharp decline in Tesla’s stock, which constitutes the majority of his wealth. Tesla shares fell nearly 4% in Q4 and 57% year-to-date, bringing the electric vehicle manufacturer’s market capitalization to just over $541 billion. Musk’s $44 billion acquisition of Twitter also impacted his wealth, as he sold part of his Tesla holdings to fund the purchase, raising concerns among some investors about Tesla’s outlook.
However, according to the Bloomberg Billionaires Index, the Tesla CEO remains the world’s richest person with a net worth of $179 billion, about $14 billion more than Arnault, whose fortune stands at $165 billion according to Bloomberg.