Elon Musk Overtaken by LVMH Chairman Bernard Arnault as World’s Richest | Tech News

Twitter and Tesla CEO Elon Musk is no longer the world’s richest man after being usurped by LVMH chairman and CEO Bernard Arnault.

According to Forbes’ real-time billionaire list, the 51-year-old’s net worth fell by $4.5 billion (-2.9%), while Arnault, who presides over some 70 fashion and cosmetics brands, added $849 million (-2.9%). 0.46%) .

Arnault’s net worth is listed on the Forbes list at $187.3bn (£151.1bn).

Back in October, Twitter accounts like @i_fly_Bernard and @laviondebernard sprung up on the social media platform, and Arnault hit the headlines when he sold his private jet. Tracking this billionaire’s planes reveals how much pollution they cause.

A year ago, the same thing happened to Musk. The SpaceX and Tesla chief has described trackers using public air traffic information as a potential threat to his safety – and offered $5,000 (£4,000) to shut down @ElonJet account to teen behind social media page Account denied. Account has been disabled today.

Musk’s real-time net worth of $176.8bn (£142.6bn) is largely based on his 25% stake teslabut the stock closed down 6.87% today.

Shares in the car company have more than halved their value this year after Musk bought Twitter for $44bn (£35.5bn), partly as a sell-off accelerated, with him selling around $4bn (£3.2bn), according to CNBC. bn) or Tesla stock.

The businessman’s wealth will peak in November 2021, when he will be worth $320bn (£258bn), Forbes said.

LVMH CEO Bernard Arnault presents the group's 2019 results during a press conference in Paris, Tuesday, January 2019.  February 28, 2020.  (AP Photo/Thibault Camus)
LVMH CEO Bernard Arnault

The Bloomberg Billionaires Index, updated Wednesday, uses a slightly different methodology and ranks Musk’s wealth behind Arnault’s.

Musk has been the world’s richest man since September 2021, succeeding Amazon CEO Jeff Bezos.

Much of Musk’s fortune is tied to his private companies, including rocket and internet company SpaceX, infrastructure and tunnel-building services company The Boring Company, and Neuralink, which hopes to implant computer chips into the human brain.

SpaceX, formerly known as Space Exploration Technologies, has a market capitalization of about $140 billion (£112.9 billion), according to Bloomberg, and dominates the market for commercial space launches.

Musk falls shortly after global wealth ranking Meet “a lot of booing” Embarrassed on stage at Dave Chappelle’s Comedy Show in San Francisco.

In a video posted on the tycoon’s Twitter account, Chappelle can be seen asking viewers to “speak out for the world’s richest man”.

Top 5 real-time billionaires in the world according to Forbes

  • Bernard Arnault and family, chairman and CEO of LVMH Moët Hennessy Louis Vuitton – $187.3 billion (£151.1 billion)
  • Tesla CEO Elon Musk – $176.8bn (£142.6bn)
  • Gautam Adani, chairman of Adani Group – $133.7bn (£107.9bn)
  • Amazon chairman and founder Jeff Bezos – $115.7 billion (£93.4 billion)
  • Berkshire Hathaway CEO Warren Buffett – $108.3bn (£87.4bn)

They quickly agreed, though most likely not in the way either of them intended. To interrupt the hostile reaction, Musk stood awkwardly or walked up and down the stage for most of the five-minute appearance.

In a now-deleted tweet, Musk insisted that the crowd was “90% cheering” and “10% booing” for offending the “unhinged left in San Francisco.”

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The day after he appeared with Chappelle, Twitter dissolve its trust and safety committeewas founded in 2016 to address hate speech, child exploitation, suicide, self-harm, and more on the platform.

Shortly after buying Twitter for $44 billion in late October, Musk said he would form a new “content review board” to help make major decisions, but later changed his mind.

last week, Three council members announce their resignations In a public statement posted on Twitter, it said that “contrary to claims by Elon Musk, the safety and well-being of Twitter users is declining”.

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