Elon Musk is no longer the world's richest.
By The Exchange Team
The world's richest individual is no longer Tesla CEO Elon Musk.
Forbes reported that LVMH chairman and CEO Bernard Arnault took over that title at the close on Monday.
Tesla shares fell 6.3% on the day, and their value has more than halved this year.
This is due in part to a sell-off that has accelerated in the aftermath of Musk's $44 billion Twitter acquisition.
Musk's wealth was primarily related to Tesla shares, which rose more than 1,000% in two years.
According to SEC filings, Arnault's holding vehicles and family trusts own over 60% of LVMH's voting share class.
In a bad year for markets, LVMH shares declined just 1.5% in 2022. Listed on Euronext Paris, LVMH is situated in Paris.