Tesla shares are rebounding in 2023, but the stock is still well off its all-time high.
Who knew spending $44 billion as a joke on a company worth less than half of that would have such dire consequences?
Elon Musk is no longer the world’s richest person, according to the updated Forbes’ billionaires list.
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Bernard Arnault, the French head of international luxury conglomerate LVMH (LVMHF) , has taken over the top spot after adding $53 billion to his personal fortune thanks to the success of his company brands like Louis Vuitton and Hennessy.
Arnault now sits atop the Forbes’ list with an estimated net worth of $211 billion — which is $31 billion more than last year’s richest man, Elon Musk.
The biggest issue for Musk is that most of his wealth is tied to Tesla (TSLA) – Get Free Report stock, and while shares are up more than 40% year to date, the electric vehicle company is still trading at less than half of the all-time high it hit in November 2021.
Meanwhile LVMH shares jumped 35% last year, according to Forbes.
Calculating net worth isn’t an exact science, of course, and Forbes isn’t the only organization watching the pockets of the rich.
Outside of Forbes, the Bloomberg Billionaires Index is one of the most trusted sources for accurate wealth information. And unlike Forbes, Bloomberg’s list is updated daily.
As of April 3, Arnault is in the top spot with a $199 billion fortune, while Musk is the runner up with a $178 billion fortune.