According to Forbes Magazine, controversial tech entrepreneur Elon Musk is no longer the richest person in the world.
The French fashion mogul Bernard Arnault has fallen behind Musk. They are currently valued at $185.4 billion and $185.3 billion, respectively.
The third-place finisher is the Indian coal tycoon Gautam Adani, whose net worth is $134.8 billion.
Jeff Bezos, the creator of Amazon, is worth $115 billion. With a net worth of $107 billion, Berkshire Hathaway CEO Warren Buffett, who is also renowned as one of the fiercest Bitcoin skeptics, is also among the top five.
The terrible performance of the Tesla stock, which is down a staggering 57% year-to-date, has significantly reduced Musk's net worth. As of the time of publication, TSLA is down 3.85% as the maker of electric vehicles struggles to meet dwindling demand.
The largest luxury goods company in the world, Louis Vuitton SE, is led by Arnault as its CEO. Christian Dior, Sephora, Louis Vuitton, Tiffany & Co., Marc Jacobs, Stella McCartney, Loewe, Kenzo, and other well-known companies are under the control of LVMH. In addition, the luxury group owns TAG Heuer, a watchmaker.
The stronger-than-expected third-quarter earnings from LVMH that were announced in November helped the French tycoon's financial situation.
In contrast to Tesla automobiles, there is still a healthy market for luxury products, with Louis Vuitton and Dior experiencing organic growth in 2022.
In May 2021, Arnault attained the title of richest man in the world. Bezos and Musk were in second and third place, respectively, at that time.
The French tycoon, who turned 73 in March, has been running his empire of designer goods for many years. The elderly LVMH CEO will need to choose which of his five children will succeed him.