Bernard Arnault Regains World's Richest Individual Position Surpassing Elon Musk (image @LVMH)

Bernard Arnault, who is at the vanguard of the prestigious Louis Vuitton Moët Hennessy (LVMH), has reclaimed his title as the world’s richest individual, as Elon Musk’s fortune sunk over $18 billion following a significant decline in Tesla’s stock value last week. The dip erased about $73 billion from the company’s market valuation.

According to Forbes’ live billionaire tracker, Arnault and his family’s fortune has surged to $207.8 billion, which is a $23.6 billion uptick, surpassing Musk’s wealth of $204.5 billion. The LVMH stock has experienced a notable rise by exceeding 13 percentage from its previous closing on Friday. The company’s market capitalization has thus elevated to $388.8 billion. On the other hand, Tesla’s market capitalization stood at $586.14 billion.

The 74-year-old Bernard Arnault has outpaced Elon Musk in wealth in December 2022. However, by the end of the year, Musk regained his position as the wealthiest in the world.

On Friday, Tesla’s stock dipped by 11 percentage, leading to a $73 billion reduction in the firm’s market value shortly after it signalled a declaration in the growth of electric vehicle sales.

However, as per the Billionaires Index by Bloomberg, Musk remains the wealthiest individual globally, with net worth of $199 billion. The Tesla CEO was followed by Amazon founder Jeff Bezos with net worth of $184 billion. According Bloomberg Index, the French luxury magnate, Louis Vuitton owner, Bernard Arnault is at the third position with the net worth of $183 billion.

Hailed from France’s Roubaix, Bernard Arnault started his career at his family’s construction, Ferret-Savinel, and became its chairman in 1978. In 1984, Arnault acquired insolvent Boussac Saint-Freres, gaining the Christian Dior brand. He became the CEO of LVMH in 1989, and expanded it into a luxury goods empire with 75 brands.