Elon Musk is no longer the world’s richest person as of December 2022. Bernard Arnault, co-founder, chair, and CEO of LVMH, now holds the first spot with a net worth of $172.9 billion, according to the Bloomberg Billionaires Index.
Musk had seen his net worth surge in 2021 thanks to the increase in the share price of Tesla by nearly 50%. However, his fortune tumbled by more than $100 billion since January 2022 to $168.5 billion this month. He also had to sell many of his shares in Tesla to fund his acquisition of Twitter.
The Twitter buyout move came as the Federal Reserve and other central banks began their most aggressive round of monetary tightening in a generation, slashing the valuations of high-flying companies such as Musk’s Tesla Inc. Elon attempted to back out of the deal for several months before reversing his decision and proceeding with the transaction in October 2022.
On the contrary, Arnault’s Paris-based LVMH designer apparel, fine wines, and retail business have benefited from pent-up demand unleashed when Covid-related shopping and travel restrictions were lifted in most countries. His brands cater to the affluent – from Christian Dior and Fendi to jewelers Bulgari and Tiffany & Co., and champagne house Moet & Chandon.
The third place among the world’s top billionaires remains held by Gautam Adani, founder of Adani Group, who surpassed Mukesh Ambani in March 2022 as the richest person in Asia.
Source: Investopedia, Bloomberg Billionaires Index, NDTV
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