Elon Musk is no longer the worlds richest person after being overtakenagainby French billionaire Bernard Arnault.
On Tuesday, Fortune reported that Arnaultfounder of luxury goods conglomerate LVMHhad been overtaken in the ranking by Musk, whose net worth was boosted as Tesla shares enjoyed a major rally.
However, shares of the worlds most valuable carmakerwhere much of Musks fortune is tied uptumbled more than 5% on Wednesday after traders were left disappointed by Teslas 2023 Investor Day.
According to Bloombergs Billionaires Index, which tracks the real-time wealth of the worlds richest people, Musk lost more than $1.9 billion on Wednesdaycausing him to slide into second place behind the LVMH boss.
Arnaults wealth, meanwhile, went up by around $2 billion, after a 1.5 billion ($1.6 billion) share buyback sent the companys stock ticking upward and cemented its status as Europes most valuable firm.
However, Paris-listed LVMH stock was trading around 1% lower during European trading hours on Thursday.
Bloomberg puts Arnault and Musks net worths at $186 billion and $184 billion respectively.
A separate wealth ranking by Forbes also estimates that Arnaults wealth has overtaken Musks once more.
The Forbes tracker, which uses a slightly different methodology to Bloomberg, estimates Arnaults net worth at $205 billion and Musks at $194 billion.
Arnault, who serves as LVMHs chairman and CEO, controls about half of the luxury goods giant. He became its majority shareholder in 1989.
Musk, meanwhile, saw his wealth propelled upward with the meteoric rise in value of Tesla share prices, which rose more than 4,000% in the decade since their IPO. He also owns more than 40% of existing shares in SpaceX, according to CNBC, which was reportedly given a private valuation of $137 billion last month.
Despite remaining one of the richest people on the planet, Musks wealth has fallen drastically on the back of his Twitter acquisition and a raft of problems at Tesla, including slowing sales. In late 2021, Forbes named him the richest person in history with a fortune nearing $300 billion.
The tight and changeable gap between the two mens wealth has seen them switch places in the ranking of worlds wealthiest people numerous times over the past year.
At the end of 2022, Arnault surpassed Musk to become the worlds richest person, as Tesla shares suffered a major selloff in the wake of Musks $44 billion purchase of Twitter. He had briefly overtaken Musk just a week earlier.
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