Elon Musk, the CEO of Tesla, lost his position as the world's richest person to Bernard Arnault, the CEO of LVMH.
According to the Bloomberg Billionaires Index, Musk's wealth had dropped by over $107 billion in the last year. He now has a net worth of $164 billion, while Arnault's is at $171 billion.
In 2021, Musk was named as the world's richest person by the Wall Street Journal due to the high value of Tesla stock. However, in the following year, the stock price of the electric car company has significantly dropped. His wealth peaked at around $336 billion in November 2021.
The wealth of Bernard Arnault, the CEO of luxury goods company LVMH, has been attributed to his work in the design industry. This has placed him in the upper echelons of the world's richest individuals.
US entrepreneurs were also affected by the decline in the stock price of Tesla. Jeff Bezos, who was named as the world's richest person in 2021, fell to fourth place, with a net worth of $116 billion, from where he had been earlier. Bill Gates is currently at around the same level.
Due to the effects of the decline in the stock price of Tesla, Musk's net worth has fluctuated significantly. According to Forbes, he lost almost $5 billion in the last 24 hours.
The preceding is a summary of an article that originally appeared on Washington Examiner.