Tesla CEO Elon Musk Loses World's Richest Crown To European Luxury Goods Tycoon

Elon Musk, the CEO of Tesla Inc TSLA, SpaceX and Twitter, is no longer the richest person in the world.

What Happened: Musk is worth $181.3 billion, while LVMH LVMUY CEO Bernard Arnault and his family are worth $186.2 billion, according to the Forbes Real-Time Billionaires list.

Musk lost the title of the world’s richest person on a day when Tesla’s shares dropped 6.3% intraday, according to Benzinga Pro data. Since the year started, Tesla’s stock has declined by over 52%.

Musk owns nearly 25% of Tesla between stock and options, however, the billionaire has pledged more than half of his stock as collateral for loans.

This year, Musk acquired Twitter for $44 billion. He received loan commitments for $46.5 billion to acquire the social media platform.

See Also: How To Buy Tesla (TSLA) Shares

Why It Matters: The selloff in Tesla has intensified after Musk acquired Twitter. This comes in the backdrop of the platform losing advertisers after the new owner restored previously banned accounts.

Arnault and family, meanwhile, own 60% of LVMH’s voting share, according to a filing made with the U.S. Securities and Exchange Commission. 

Coal and Energy tycoon Gautam Adani, worth $134.5 billion, is the third-richest person in the world, according to Forbes. His wealth has risen at a faster clip this year than Musk following a trend of India’s super-rich getting richer at a faster pace than their U.S. peers in 2022.

Price Action: On Monday, Tesla shares closed 6.3% lower at $167.82 in the regular session and rose 0.1% in the after-hours trading.

Read Next: Jeff Bezos Again Overtaken By Indian Energy Tycoon On Rich List In Battle Of Billionaires

Image credits: Fernandi Putra and Vitaliy Karimov on Shutterstock and Courtesy Photo on Wikimedia Commons

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