The Blubber

Per CNBC

After briefly losing his title as the "richest man in the world," Elon Musk has lost the title yet again to LVMH CEO Bernard Arnault, who now holds the title. Should the Tesla and now Twitter CEO permanently lose his title, this would make it the first time this has happened since he took the title in September 2021.

As of press time, Bernard Arnault & family is richer than Musk by $9 billion after a massive $4.4 billion change in net worth, per Forbes. Musk's net worth now sits at just $181.3 billion, almost half his all-time high of $320 billion in November 2021.

Musk recently had to sell around $4 billion of his Tesla stock to help fund his $44 billion Twitter acquisition, per CNN. The now Twitter CEO also had to sell $15.4 billion worth of Tesla shares earlier this year upon the initial announcement of a purchase deal for the social platform.

The plunge in the Twitter CEO's net worth comes as Tesla shares fell by a whopping 58.04% year-to-date at $167.82, less than half its all-time high price of $409.97 on November 4, 2021, around when Musk's net worth was also at its highest.

Musk's net worth dropped by a massive $200 billion earlier on Nov 8 after woes from investors that the now Twitter CEO is too preoccupied with his new venture, per Reuters.

Musk's wealth is massively tied up in Tesla stock, owning 14.11% of outstanding shares, which propelled him to his title of the richest man in the world after overtaking Jeff Bezos. Arnault, however, owns more than 60% of LVMH's voting share class.

Arnault is the CEO of LVMH, the French luxury brand, maker, and owner of around 60 subsidiaries. These include brands like Christian Dior, Fendi, Marc Jacobs, TAG Huer, Bulgari, Tiffany & Cp., Sephora, Celine, Stella McCartney, Givenchy, Princess Yachts, Kenzo, Loewe, Loro Piana, and of course, Louis Vuitton.

Resources:

CNBC

Forbes

CNN

Reuters

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