Bernard Arnault, the CEO and chair of LVMH (Moët Hennessy Louis Vuitton) is now the world’s richest man after toppling Tesla’s founder, Elon Musk.
According to Forbes Real Time ranking of the richest, Arnault’s net worth is $180.8 billion. Elon Musk’s net worth dropped to $137.5 billion, from about $200 billion, following the crash of Tesla stocks.
Tesla has seen 69% of its value vanish amid Elon Musk’s Twitter takeover and related online antics. On Tuesday, the stock plummeted by 11 percent.
The latest crash came amid news that the company planned to suspend production at its Shanghai factory in China.
Last week, the company also offered US consumers a $7,500 discount to take delivery of its two highest-volume models before year-end, a sign of falling sales.
Gautam Adani of India is the world’s third richest man with an estimated wealth of $123 billion, while Jeff Bezos is fourth with $106.6 billion.