Forbes Real-Time Billionaires List indicates that Elon Musk, CEO of Tesla and Twitter, is no longer the wealthiest person in the world. The top position has been taken over by Bernard Arnault, who is also the CEO and chairman of Moet Hennessy Louis Vuitton (LVMH).
Late last week, following a drop in the value of Musk’s Tesla shares, Arnault and Musk were competing to be the wealthiest person in the world. However, Tesla stock was still down at the end of trading on Monday, widening the gap between the enormous fortunes of these two individuals.
At the time of publication, Arnault’s net worth was projected to be $191.4 billion, whereas Musk’s was $183.7 billion.
Since Musk purchased Twitter, Tesla’s stock has been declining; this decline has increased since mid-September. Musk traded off Tesla shares, the main source of his income, in order to obtain the $44 billion required to purchase the platform.
Tesla shares fell 6.3% at the end of Monday, dealing Musk his last knock off the top of the wealthy list, according to CNBC.
The shares of Arnault’s LVMH have decreased little, by about 1.5% in 2022. The market leader in luxury goods is LVMH, and demand for these items is steady. Among the numerous brands owned by the corporation are Christian Dior, Sephora, Fendi, Tiffany & Co., and Marc Jacobs.
According to SEC records, Arnault controls nearly 60% of LVMH’s voting shares via family trusts and interests.
According to CNBC, Musk controls 40% of SpaceX and 14.11% of the shares of Tesla.
Musk continues to be ranked as the wealthiest person in the world by the Bloomberg Billionaires Index. According to the publication, Musk is worth $168 billion, whereas Arnault is worth $167 billion (the difference is due to the publication’s methodology rather than Forbes’).
Matt Maley, the chief market analyst at Miller Tabak, was reported by Forbes as stating that the business “reduced pricing in China, so that’s not helping the stock” in response to Monday’s decline in the price of Tesla shares.
However, Maley went on to say that “the real issue is that many shareholders have lost some trust in Tesla because Elon is being compelled to devote so much of his concentration on Twitter.”
Maley told Forbes that the primary cause of today’s decrease seems to be a negative story that appeared in the Wall Street Journal’s Heard on the Street section.
On Monday, the title of an article in the Wall Street Journal read, “Half-Price Tesla Stock Is Still No Bargain.” Even after an approximately 50% decrease this year, according to the report, the shares of the pioneer of the electric car market are trading at an extraordinary level of industry domination.
SpaceX is said to be valued at $140 billion
According to sources familiar with the situation, Elon Musk’s SpaceX is proposing to sell insider shares at a price that would increase the tightly held company’s worth to approximately $140 billion.
According to the persons who requested to remain anonymous because the information was private, Space Exploration Technologies Corp., as the business is officially known, is selling the shares for $77 each.
According to data source PitchBook, the $140 billion amount compared to a $127 billion valuation in July.
SpaceX had discussions about a variety of values in recent weeks, but finally decided to value the company at $140 billion in a tender offer, the individuals said. It was unclear at the time if the business would try to raise money in a primary fundraising round at that value.
An inquiry for comment from a spokesman for SpaceX, the most valued private corporation in the US, went unanswered right away. Commercial space launch services are dominated by Hawthorne, California-based SpaceX.