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  • Mr Musk is chief executive and the largest shareholder in Tesla, with a reported stake of about 14%
  • He completed a $44bn takeover of social network Twitter in October

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Bernard Arnault overtakes Musk to be World's richest; but who is he?

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Updated: Sep 02, 2022 10:53
|

Editorji News Desk

Bernard Arnault overtakes Musk to be World's richest; but who is he?

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.

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Bernard Arnault is the French tycoon and chief executive of LVMH, the world's largest luxury goods company.

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