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Elon Musk is no longer the richest person in the world

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SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California on June 13, 2019.

Mike Blake | Reuters

You’re here CEO Elon Musk is no longer the richest person in the world. He ceded that title to LVMH Chairman and CEO Bernard Arnault at the close Monday, according to Forbes.

You’re here shares closed around 6.3% for the day, and have more than halved their value this year, in part due to a sell-off that accelerated following Musk’s $44 billion acquisition of Twitter.

Musk’s wealth, mostly tied to Tesla stock, has been propelled by a meteoric rise in the automaker’s stock price, which has soared more than 1,000% in two years.

Arnault, through portfolio vehicles and family trusts, owns just over 60% of LVMH’s voting stock class, according to SEC filings. Arnault is worth $186.2 billion, according to Forbes.

According to FactSet data, Musk currently owns 14.11% of Tesla’s outstanding shares, with a market value of $530 billion. Musk also owns more than 40% of SpaceX stock, adding billions on paper to his net worth, based on a private market valuation of $125 billion as of June 2022.

In a down year for equities, LVMH shares are down only 1.5% in 2022. LVMH is based in Paris and is listed on Euronext Paris.

The Bloomberg Billionaires Index, which uses slightly different methodologies, still ranks Musk as the richest person in the world, with $168 billion compared to Arnault’s $167 billion.

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