Tesla Inc TSLA CEO Elon Musk is no longer the world’s richest person. He’s been once again pipped by Bernard Arnault, the CEO of LVMH Moet Hennessy Louis Vuitton SA LVMUY.
What Happened: Musk’s worth at the time of writing was $176 billion, while Arnault, who leads the fashion and cosmetics empire that spans nearly 70 brands, was worth $187 billion, according to Bloomberg Billionaires Index.
In a distant third spot was Amazon.com, Inc AMZN Chair Jeff Bezos who at the time of writing was worth $116 million.
Arnault, Musk, and Bezos have added $24.8 billion, $39.3 billion, and $8.62 billion respectively to their wealth so far this year.
See Also: How To Invest In EV Startups
Why It Matters: Musk lost the title of the world’s richest person in a matter of hours after regaining it on Feb. 27.
Shares of Tesla, which constitute most of Musk’s wealth, slipped 5% on Wednesday after traders were dismayed by the company’s 2023 Investor Day.
On the flip side, Arnault’s fortune saw a spike of $2 billion after a EUR 1.5 billion ($1.6 billion) share buyback sent LVMH stock upwards.
Thursday didn’t provide any respite to Tesla investors as the shares slipped another nearly 5.9%.
The investor day was dubbed “long on aspiration, short on detail,” by Future Fund co-founder Gary Black.
Price Action: On Thursday, Tesla shares closed 5.85% lower at $190.90, according to Benzinga Pro data.
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