Elon Musk loses title of world richest man to Bernard Arnault

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Elon Musk lost his title as the world’s richest person after selling Tesla stock to fund Twitter’s $44 billion acquisition.

According to Forbes, Bernard Arnault, CEO of Louis Vuitton’s parent company LVMH, and his family are the world’s wealthiest, with a personal fortune of $185.4 billion.

Musk, who has held the top spot on the Forbes list of the world’s richest since September 2021, now has a net worth of $185.3 billion.

Tesla’s shares fell about 4 percent in morning trading on Wednesday, Dec.

Mr Arnault, 73, first got involved with Louis Vuitton Moët Hennesy (LVMH) in 1987 and soon after the two firms merged.

Under his reign, LVMH’s sales and profits have soared 500 percent and the company now has over 70 fashion and beauty titles under its belt.

In January 2021, LVMH acquired American jeweller Tiffany & Co for $15.8 billion (£12.9bn), believed to be the biggest luxury brand acquisition ever.

Mr Arnault controls about half of LVMH and the fashion brands under its umbrella include Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer watches, Bulgari and Tiffany & Co.

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