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 line with Forbes.

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

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

Arnault, by means of holding automobiles and household trusts, owns a bit over 60% of LVMH’s voting share class, in line with SEC filings. Arnault is value $186.2 billion, in line with Forbes.

In keeping with FactSet information, 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 value, primarily based on a $125 billion personal 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.