In mid-December, the hushed and codified world of billionaires experienced an earthquake that’s still reverberating.
For the first time in a long time, a “tech bro” wasn’t the richest person in the world. This title went to the French executive Bernard Arnault.
Arnault, 73, is chief executive of the French luxury-goods giant LVMH (LVMUY) , owner of prestigious brands like Christian Dior, Louis Vuitton, Tiffany, and Veuve Clicquot Champagne.
The French tycoon stole first place from Elon Musk on Dec. 13. That day his net wealth was estimated at $171 billion, compared with $164 billion for Elon Musk, 51, according to Bloomberg Billionaires Index.
The fortunes of the two men are based on their stakes in their respective companies. Arnault owns 48% of fashion and luxury giant LVMH. Musk currently owns 14.11% of Tesla’s shares outstanding, according to FactSet. The tech billionaire also has a more than 40% stake in SpaceX.
Musk’s Fortune Has Grown by Nearly $50 Billion
The changes among the elite of the wealthy stemmed mainly from Tesla having a bad year on the stock market.
Last year, the maker of the Model S luxury electric sedan saw its stock fall nearly two-thirds (65%). In the other direction LVMH share prices benefited from the reopening of economies around the world after two years of covid lockdown.