Elon Musk loses the title of ‘richest man’ to Bernard Arnault

Elon Musk is the CEO and founder of multiple global companies, including Tesla, SpaceX, Neuralink, the Boring Company, and the recently acquired Twitter.

Last year, he deposed Amazon CEO Jeff Bezos as the “world’s richest person” (2021). In 2021, Tesla and Elon Musk had a fantastic year, with the stock reaching a record high of $407.36 in November.

However, his fortunes began to deteriorate as 2022 approached, when Tesla’s valuation plunged by more than 50%. The decline can be attributed in part to Tesla’s reliance on China for electric vehicle manufacture.

Bernard Arnault, the CEO of luxury goods maker LVMH, presently holds the top rank on the list of the worlds richest individuals at the age of 73.