Elon Musk, the American billionaire founder of Tesla and SpaceX, had to bow to another billionaire for the first time since he ascended to the throne of the world’s rich. Musk was replaced at the top of the list of the world’s richest people by Frenchman Bernard Arnault, owner of the fashion empire LVMH.
A year and a quarter at the top of the rankings
Elon Musk stayed at the top of the list of the world’s richest people for almost a year and a quarter. Last September, he overtook Jeff Bezos, until then the richest man on the planet, and became only the third person in history to boast a fortune worth over $200 billion.
Who dominates this ranking now?
But now he had to leave the throne of the world’s rich to the Frenchman Bernard Arnault. According to the current ranking of the Forbes magazine – Real Time Billionaires, Musk is the second with a fortune of 174 billion dollars. Arnault’s fortune is just under $191 billion. The seventy-three-year-old Frenchman owns the LVMH fashion empire.
Musk’s fortune has shrunk this year, mainly due to the plunge in Tesla’s share price. Their value is down nearly 61 percent since the beginning of the year, and the market value of the automaker is approximately $491 billion.