Elon Musk is not the richest individual on the planet

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SpaceX proprietor and Tesla CEO Elon Musk speaks throughout a dialog with legendary sport designer Todd Howard (not pictured) on the E3 gaming conference in Los Angeles, California, June 13, 2019.

Mike Blake | Reuters

Tesla CEO Elon Musk is not the richest individual on the planet. He ceded that title to LVMH chairman and CEO Bernard Arnault on the shut on Monday, in response to Forbes.

Tesla shares closed down about 6.3% for the day, and have greater than halved in worth this yr partially on account of a sell-off that accelerated within the wake of Musk’s $44 billion Twitter acquisition.

Musk’s wealth, largely tied to Tesla inventory, was propelled by a meteoric rise within the carmaker’s share worth, which rocketed greater than 1,000% in two years.

Arnault, by means of holding autos and household trusts, owns slightly over 60% of LVMH’s voting share class, in response to SEC filings. Arnault is price $186.2 billion, in response to Forbes.

According to FactSet knowledge, Musk presently owns 14.11% of Tesla’s excellent shares, with a market worth of $530 billion. Musk additionally owns greater than 40% of SpaceX shares, including billions on paper to his internet price, based mostly on a $125 billion non-public market valuation from June 2022.

In a down yr for shares, LVMH shares have dropped simply 1.5% in 2022. LVMH is predicated in Paris and is listed on Euronext Paris.

The Bloomberg Billionaires Index, which makes use of barely completely different methodologies, nonetheless ranks Musk because the world’s richest individual, with $168 billion in comparison with Arnault’s $167 billion.

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