- Musk is the second richest man in the world with a net worth of £180 billion
Moët Hennessy Louis Vuitton (LVMH) CEO Bernard Arnault, the world’s richest man, lost $11.2 billion in one day, but is still richer than Elon Musk.
Musk is the second richest man in the world with a net worth of £180 billion, $12 billion less than the 74-year-old CEO’s own $192 billion.
It comes after LVMH – which includes brands such as Louis Vuitton, Tiffany & co. and Christian Dior — plunged its share price by 5% on Tuesday, according to Bloomberg.
The share price is the biggest the company has seen in over a year.
Before the stock plunge, Arnault’s net worth was $203 billion on Monday — $23 billion more than Musk’s.
The LVMH mogul’s net worth increased by $29.5 billion over the past year, which can be attributed to the company’s stock rising 35% during that time.
According to Bloomberg, the stock’s drop caused the European luxury sector to be cut by about $30 billion.
Despite the struggle, LVMH’s share price is still up 23% for the year.
The MSCI Europe Textiles Apparel & Luxury Goods Index also rose to 27%, Bloomberg reported.
After Musk’s Twitter acquisition in October 2022, his wealth plummeted and he lost his position as the world’s richest man to Arnault.
The purchase knocked his net worth down to $126 billion from $340 billion.
Amazon CEO Jeff Bezos is currently third in Bloomberg’s Billionaires Index – a $41 billion difference from Musk.
