Categories: Info Tech

Elon Musk Briefly Loses Top Spot On Forbes Billionaire List To Bernard Arnault

This combination of pictures created on December 7, 2022 shows (From L) a file photo taken on December 13, 2021 of Elon Musk as he attends TIME Person of the Year in New York City and a file photo taken on September 19, 2017 of CEO of LVMH Bernard Arnault as he poses during a photo session in Paris. (Photo by Theo Wargo and JOEL SAGET / various sources / AFP)

Tesla owner Elon Musk briefly lost the top spot on Forbes’ billionaire list Wednesday to Bernard Arnault, whose family owns the world’s leading luxury group, LVMH.

With US tech stocks sliding as interest rates and recession fears rise, Musk’s fortune briefly fell below that of the Arnault family.

But around 1730 GMT Wednesday, Musk was back on top at $184.9 billion, followed by Arnault and his family at $184.7 billion.

Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion.

READ ALSO: Tweet Sparks Musk Fever In EU’s Poorest Corner

Arnault had also topped the Forbes list for several hours in 2021.

His LVMH group, with includes dozens of brands including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.

Musk’s fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.

The other major wealth ranking compiled by financial data provider Bloomberg also has Musk and Arnault running nearly neck-and-neck.

According to Bloomberg’s ranking, calculated after US markets closed on Tuesday, had Musk in the lead at $178.9 billion, followed by Arnault at $165.1 billion.

Khadijat Lawal

Disqus Comments Loading...
Share
Published by
Khadijat Lawal
Tags: Bernard Arnault Elon Musk LVMH Tesla

Recent Posts

  • Politics

Eight APC Supporters Killed In Zamfara Auto Crash, Matawalle Suspends Campaign

Governor Bello Matawalle suspended his campaign rally in Bukkuyum Local Government Area to mourn the victims.

11 mins ago
  • Sports

Dani Alves Remanded In Custody On Sex Assault Allegations

A Barcelona judge took the step after questioning the 39-year-old player regarding "events that allegedly took place at a nightclub."

20 mins ago
  • Politics

Wike Blames APC For Port Harcourt Explosion, Threatens To Stop Atiku’s Campaign

He accused the APC of renting the venue from one faction of the community, prompting a clash with another interest…

44 mins ago
  • Politics

Labour Party Governorship Candidate In Jigawa Defects To APC

This was disclosed on Friday by Habibu Nuhu Kila, the Special Adviser to Governor Muhammad Badaru of Jigawa State.

1 hour ago
  • World News

Gabon Foreign Minister Dies Of Heart Attack

The president described Moussa Adamo on Twitter as "a great diplomat, a true statesman".

2 hours ago
  • World News

Ghana Seeks To Convince Bondholders On Debt Swap Deal

Ghana reached a staff-level-agreement with the International Monetary Fund (IMF) in December.

2 hours ago