Elon Musk has been overtaken by LVMH CEO Bernard Arnault as the world’s wealthiest person, following the decline in Tesla share price, according to Forbes.
In September 2021, Musk surpassed Amazon founder Jeff Bezos to become the world’s wealthiest man after Tesla stock price increased by more than 1,000% in two years.
However, this year the tech industry has taken a severe blow and the automaker’s share price has fallen by more than half in value, which has significantly reduced Musk’s fortune.
Meanwhile, Arnault has made a fortune building the world’s largest luxury conglomerate, which includes brands like Louis Vuitton, Tiffany, Tag Heuer, and Celine.
