Tesla CEO Elon Musk lost his title of ‘World’s Richest Man’ to LVMH Chairman Bernard Arnault as Tesla’s stock price dropped significantly.’

Bernard Arnault, the tycoon of the LVMH fashion empire, has surpassed Elon Musk to become the richest person in the world, according to Forbes’ real-time billionaires list on January 26.

Arnault’s net worth as of January 26 soared to $207.8 billion, an increase of $23.6 billion, surpassing Musk’s $204.5 billion.

Shares of Tesla, Musk’s electric car company, plummeted 13% on January 25, “evaporating” more than $18 billion of Musk’s net worth in just one session. In contrast, LVMH shares soared on January 26, closing with an increase of 12.8%, Forbes reported.

Elon Musk, CEO of Tesla – Photo: Reuters

Bernard Arnault, 74, Chairman and Chief Executive Officer (CEO) of LVMH, has built his empire over nearly four decades, becoming the world’s largest luxury group. He has five children, all of whom work for LVMH.

LVMH owns 70 famous fashion and cosmetic brands such as Louis Vuitton, Christian Dior, Sephora, Givenchy, Dom Perignon and Moët Hennessy, Tiffany & Co.

The acquisition of Tiffany & Co. of LVMH for nearly 16 billion USD in 2021 is considered the largest deal in the luxury industry in the world.

Bernard Arnault, tycoon of the LVMH fashion empire – Photo: Reuters

Outside of business, Arnault is also an avid art collector, with a personal collection that includes works by Picasso, Matisse and Mondrian.