Fashion mogul Arnault surpasses Musk to claim world’s wealth crown

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Elon Musk

NEW YORK, Jan 30: Chairman and CEO of LVMH, Bernard Arnault, has reclaimed the title of the world’s richest person as Elon Musk faced a significant decline in his net worth. Last week, Tesla’s stock plummeted, resulting in Musk losing over $18 billion and wiping out more than $73 billion from the company’s market value.

As reported by Forbes’ real-time billionaire list, Arnault and his family’s net worth surged to $207.8 billion after a notable $23.6 billion increase, surpassing Musk’s $204.5 billion. The surge in Arnault’s wealth was attributed to LVMH’s shares, which rose over 13% compared to their previous close on Friday, leading to a market cap of $388.8 billion. In contrast, Tesla’s market cap stood at $586.14 billion.

The 74-year-old Arnault had previously surpassed Musk in December 2022. In December of the previous year, Musk had briefly reclaimed the title of the world’s richest person from Arnault.

Tesla’s stock experienced a significant dip, declining more than 11% last Friday. This led to a substantial reduction of $73 billion in the company’s market value. The decline followed Tesla’s warning of slowing growth in electric car sales and the emergence of a potential threat from Chinese competitors during an earnings presentation.

Tesla reported a 38% increase in deliveries in the previous year compared to 2022. However, the company acknowledged that its sales growth for the current year might be notably lower due to the focus on developing the “next-generation” vehicle, possibly a lower-priced model. Tesla had initially aimed for a 50% annual growth rate averaged over several years.

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