Forbes named LVMH chairman and CEO Bernard Arnold as the world’s richest man on the 12th (local time). LVMH is the world’s largest luxury fashion brand with Louis Vuitton as its subsidiary.
Forbes counts the world’s billionaires rankings every day. Records are updated daily at 5 p.m. EST.
As of the 13th (local time), Arnold of LVMH, the world’s richest man, has a net worth of 188.6 billion dollars, about 244 trillion won in our money.
Musk, who became the world’s second richest man in Forbes, has a net worth of $176.8 billion, about 229 trillion won. It’s down $4.5 billion from the previous day. It was more than four times less than Oracle CEO Larry Ellison, down $1.1 billion, making it the biggest billionaire to lose.
The fall in Musk’s net worth is attributable to Tesla’s stock price crash. Tesla CEO and largest shareholder Musk holds about 14 percent of the company.
Tesla’s stock price plunged more than 50% this year, halving. The market capitalization during the day fell below $500 billion for the first time in more than two years since November 2020. Tesla shares, which continue to decline, fell 4.09% to $16.95 as of the 13th (local time).
This is due to growing concerns that Tesla’s management has been neglected after Musk acquired Twitter for $44 billion in October. Tesla shares have fallen 28% since Musk took over Twitter. As a result, there is also a word called “Musk Risk.”
Bloomberg said Tesla shares had never been this cheap, but predicted they could still go down further. However, Musk said on his Twitter account on the 13th local time, “We will allow Tesla shareholders to benefit from Twitter in the long run.”
