Jakarta, CNBC Indonesia – Elon Musk has been displaced from his position as the richest person in the world by Bernard Arnauld. This change in position occurred after the decline in Tesla’s stock price at close of trading on Monday (12/12/2022).
Forbes, according to CNBC International, overhauled the list of richest people in the world after Tesla’s stock price plunged 6.3%. Monday’s drop sent Tesla’s stock price down 50% for the year.
Tesla’s stock price was influenced by Elon Musk’s Twitter ambitions. Musk acquired Twitter, among other things, pledging his Tesla stock to raise the $44 million needed to buy his entire stake in the social media company.
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Photo: Bernard Arnault. ap
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Most of Musk’s fortune is in the form of Tesla stock. Tesla’s stock price has soared 1,000% in the past 2 years, skyrocketing Musk’s name past other billionaires on the richest people list.
Arnault controls approximately 60% of the controlling stake in LVMH through a family-owned holding company. Arnault at this moment, second Forbes, has assets of US$186.2 billion.
Meanwhile, Musk now owns 14.11% of Tesla’s issued shares which now have a market cap of $530 billion. Additionally, Musk owns 40% of SpaceX which is still a private company with a valuation of $125 billion.
Unlike Tesla, LVMH – the owner of luxury brands such as Louis Vuitton, Dior, Tiffany & Co – is down just 1.5% in the year that global financial markets have been under pressure so far this year.
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