Elon Musk, Twitter's new boss and Tesla CEO, is no longer the world's richest man after a sharp drop in the value of his shares in electric car company Tesla this year.
Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH, surpassed Twitter owner Elon Musk on the Bloomberg Billionaires Index, marking the first time he’s topped the list of the wealthiest people. Never before has anyone from France — or Europe as a whole — laid claim to having the largest fortune on the planet.
According to Forbes, Mr Musk is now worth about $178bn (£152bn). Meanwhile, Bernard Arnault has a value of $188bn.
Musk has been the world’s richest person since September 2021 after he overtook Amazon founder Jeff Bezos. Arnault made his fortune by building the world’s largest luxury goods company, including brands like Louis Vuitton but also Tiffany, Celine and Tag Heuer.