SpaceX P and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not spitting imaged) at the E3 gaming convention in Los Angeles, California, June 13, 2019.
Mike Blake | Reuters
Tesla CEO Elon Musk is no longer the warmest person in the world. He ceded that title to LVMH chairman and CEO Bernard Arnault at the close on Monday, according to Forbes.
Tesla deals closed down about 6.3% for the day, and have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk’s $44 billion Twittering acquisition.
Musk’s wealth, mostly tied to Tesla stock, was propelled by a meteoric rise in the carmaker’s share appraisal, which rocketed more than 1,000% in two years.
Arnault, through holding vehicles and family trusts, owns a minor over 60% of LVMH’s voting share class, according to SEC filings. Arnault is worth $186.2 billion, concurring to Forbes.
According to FactSet data, Musk presently owns 14.11% of Tesla’s outstanding shares, with a demand value of $530 billion. Musk also owns more than 40% of SpaceX shares, adding billions on scrap to his net worth, based on a $125 billion private market valuation from June 2022.
In a down year for stocks, LVMH parcels have dropped just 1.5% in 2022. LVMH is based in Paris and is listed on Euronext Paris.
The Bloomberg Billionaires Formula, which uses slightly different methodologies, still ranks Musk as the world’s richest person, with $168 billion weighed to Arnault’s $167 billion.