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Elon Musk isn’t any longer the richest person on the planet

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SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) on the E3 gaming convention in Los Angeles, California, June 13, 2019.

Mike Blake | Reuters

Tesla CEO Elon Musk isn’t any longer the richest person on the planet. He ceded that title to LVMH chairman and CEO Bernard Arnault on the close on Monday, in accordance with Forbes.

Tesla shares closed down about 6.3% for the day, and have greater than halved in value 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, mostly tied to Tesla stock, was propelled by a meteoric rise within the carmaker’s share price, which rocketed greater than 1,000% in two years.

Arnault, through holding vehicles and family trusts, owns a little bit over 60% of LVMH’s voting share class, in accordance with SEC filings. Arnault is price $186.2 billion, in accordance with Forbes.

In keeping with FactSet data, Musk presently owns 14.11% of Tesla’s outstanding shares, with a market value of $530 billion. Musk also owns greater than 40% of SpaceX shares, adding billions on paper to his net price, based on a $125 billion private market valuation from June 2022.

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

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