Elon Musk is no longer the world’s richest person

Tesla CEO Elon Musk is presently not the most extravagant individual on the planet. Forbes reports that he handed over control of the company to Bernard Arnault, chairman and CEO of LVMH, at Monday’s closing.

The day’s decline in Tesla shares, which have more than halved in value this year as a result of a sell-off that accelerated following Musk’s $44 billion acquisition of Twitter, was approximately 6.3%.

Musk’s riches, for the most part attached to Tesla stock, was pushed by a transient ascent in the carmaker’s portion cost, which soared over 1,000% in two years.

According to SEC filings, Arnault owns slightly more than 60% of LVMH’s voting share class through holding vehicles and family trusts. Forbes says that Arnault is worth $186.2 billion.

With a market value of $530 billion, Musk currently owns 14.11 percent of Tesla’s outstanding shares, according to FactSet data. Based on a $125 billion private market valuation from June 2022, Musk now owns more than 40% of SpaceX shares, which theoretically increases his net worth by billions.

In 2022, LVMH shares have only lost 1.5% in a year when stocks have been doing poorly. The Paris-based LVMH is listed on Euronext Paris.

On Tuesday, the Bloomberg Billionaires Index, which uses slightly different methods, was updated to rank Musk’s wealth second only to Arnault’s.