Bernard Arnault, chairman of French luxury goods company LVMH, became the world’s richest person, replacing Tesla boss Elon Musk, whose net worth slipped by about $39 billion in the past year to $180 billion, according to the Forbes’ annual ‘World’s Billionaire’s List 2023′.
The French luxury goods tycoon estimated current net worth has increased by more than $50 billion in the past year to $211 billion. Arnault and Elon Musk frequently switch positions on Forbes’ list of ‘Real-Time Billionaires’.
According to Forbes, Musk’s fortune has decreased since his $44 billion purchase of Twitter, which was financed with Tesla shares, concerning investors and causing Tesla stock to drop drastically last year. Tesla recovered a good portion of those losses this year but is still far lower than it was before Musk purchased Twitter.
Tesla shares have decreased by 50% since Elon Musk took control of Twitter a year ago, according to Forbes. According to the magazine, SpaceX is a success for Musk because its valuation climbed by $13 billion to $140 billion over the previous year.
LVMH boss Bernard Arnault had a good 2022 because of record-high profits at the luxury conglomerate, which comprises Louis Vuitton, Christian Dior and Tiffany & Co. Shares of LVMH have climbed 25% over the past year.
Jeff Bezos, the founder of Amazon, tumbled to third rank with a net worth of $114bn after losing $57bn, as his e-commerce giant’s share price fell nearly 40 per cent.
More members of the Forbes list are Americans than citizens of any other country. The US (735 billionaires) is followed by China (495), India (169) and Germany (126).