Tesla CEO Elon Musk is no longer the world's richest person. According to Forbes, he handed over that title to LVMH chairman and CEO Bernard Arnault at the end of the day on Monday.
Tesla shares fell 6.3% on the day, and their value has more than halved this year, owing in part to a sell-off that accelerated in the aftermath of Musk's $44 billion Twitter acquisition.
Musk's fortune, which is primarily based on Tesla stock, has been propelled by a meteoric rise in the carmaker's share price, which has risen more than 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. According to Forbes, Arnault is worth $186.2 billion.
According to FactSet, Musk currently owns 14.11% of Tesla's outstanding shares, valued at $530 billion. Musk also owns more than 40% of SpaceX stock, boosting his net worth by billions of dollars based on a $125 billion private market valuation in June 2022.
In a down year for stocks, LVMH shares fell only 1.5% in 2022. LVMH is headquartered in Paris and is traded on Euronext Paris.
According to the Bloomberg Billionaires Index, which employs slightly different methodologies, Musk is still the world's richest person, with $168 billion to Arnault's $167 billion.
(Source:www.cbcnews.com)
Tesla shares fell 6.3% on the day, and their value has more than halved this year, owing in part to a sell-off that accelerated in the aftermath of Musk's $44 billion Twitter acquisition.
Musk's fortune, which is primarily based on Tesla stock, has been propelled by a meteoric rise in the carmaker's share price, which has risen more than 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. According to Forbes, Arnault is worth $186.2 billion.
According to FactSet, Musk currently owns 14.11% of Tesla's outstanding shares, valued at $530 billion. Musk also owns more than 40% of SpaceX stock, boosting his net worth by billions of dollars based on a $125 billion private market valuation in June 2022.
In a down year for stocks, LVMH shares fell only 1.5% in 2022. LVMH is headquartered in Paris and is traded on Euronext Paris.
According to the Bloomberg Billionaires Index, which employs slightly different methodologies, Musk is still the world's richest person, with $168 billion to Arnault's $167 billion.
(Source:www.cbcnews.com)
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