Elon Musk is no longer the richest person in the world; it is Bernard Arnault – know more about the man

Bernard Arnault, for the first time on Wednesday (briefly) and again on Friday, became the richest person on the planet. His and his family's wealth stood at USD 186.7 billion on Friday as against Musk's USD 185 billion.

Updated Dec 9, 2022 | 04:51 PM IST

Bernard Arnault and Elon Musk

Photo : AP

Elon Musk needs no introduction - the man behind Tesla and SpaceX and now the owner of Twitter. Musk is also the world's richest person. However, he is now being challenged for the top position on Forbes ' Real-Time Billionaires list.

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Bernard Arnault , for the first time on Wednesday (briefly) and again on Friday (till the writing of this report), became the richest person on the planet. His and his family's wealth stood at USD 186.7 billion on Friday as against Musk's USD 185 billion.

On Wednesday, Arnault and family's wealth had risen to USD 185.4 billion and Musk's net worth had dropped to USD 185.3 billion owing to a drop in the value of Tesla shares.

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Musk had been the world's richest man since September 2021 when he had overtaken Amazon founder and CEO Jeff Bezos . The number three position on the Forbes list is currently occupied by Indian businessman Gautam Adani , with a net worth of USD 133.6 billion as of today.

The Forbes' Real-Time Billionaires list tracks the personal wealth of the richest persons based on stock prices.

Who is Bernard Arnault?

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Arnault is the co-founder, chief executive and chairman of luxury brand Louis Vuitton 's parent company LVMH. The 73-year-old is known to maintain a low profile, as against Musk who is always in the headlines for one or the other reason.

LVMH Moët Hennessy Louis Vuitton, led by French businessman Arnault, is one of the world's most valuable luxury products groups. Around 70 companies, including prestigious brands like Christian Dior, Marc Jacobs, Sephora, Bulgari and Tiffany & Co, are part of the group.

Arnault took birth in an industrial family in France's Roubaix. He started his career as an engineer. Arnault was appointed chairman in 1978 and six years later, he started reorganising the Financière Agache holding company.

LVMH website states: “He returned the group to profitability as he embarked upon a strategy of developing the world’s leading luxury products company. In the process, he reinvigorated Christian Dior as the cornerstone of the new organization.”

Arnault has been the chairman and CEO of LVMH Moët Hennessy Louis Vuitton since 1989 when he became the majority shareholder of the company.

Why is Elon Musk's wealth plunging?

In November 2021, Musk's net worth was pegged at around USD 320 billion. At that time, Tesla shares were at their highest value of USD 414.50. However, the company's shares have been under stress this year and have lost 57 per cent of their value since the start of 2022.

Musk has also had to sell off a large share of his Tesla holdings to fund his Twitter takeover worth USD 44 billion.

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