Connect with us

Hi, what are you looking for?

Business

Elon Musk briefly loses top spot on Forbes billionaire list

Tesla-owner Elon Musk briefly lost the top spot on Forbes’ billionaire list to Bernard Arnault, whose family owns the world’s luxury group, LVMH.

Luxury brands such as Louis Vuitton are managing stocks more carefully, recycling goods and making donations as trashing unsold goods are no longer an option
Luxury brands such as Louis Vuitton are managing stocks more carefully, recycling goods and making donations as trashing unsold goods are no longer an option - Copyright AFP/File ALAIN JOCARD
Luxury brands such as Louis Vuitton are managing stocks more carefully, recycling goods and making donations as trashing unsold goods are no longer an option - Copyright AFP/File ALAIN JOCARD

Tesla-owner Elon Musk briefly lost the top spot on Forbes’ billionaire list on Wednesday to Bernard Arnault, whose family owns the world’s leading luxury group, LVMH.

Musk's fortune briefly fell below that of the Arnault family

Musk’s fortune briefly fell below that of the Arnault family – Copyright GETTY IMAGES NORTH AMERICA/AFP/File Theo Wargo, JOEL SAGET

With US tech stocks sliding as interest rates and recession fears rise, Musk’s fortune briefly fell below that of the Arnault family.

But around 1730 GMT Musk was back on top at $184.9 billion, followed by Arnault and his family at $184.7 billion.

Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos in fourth at $111.3 billion.

Arnault had also topped the Forbes list for several hours in 2021.

His LVMH group, with includes dozens of brands including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.

Musk’s fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

Life

Their stories are divided into before and after.

Social Media

Wanna buy some ignorance? You’re in luck.

Tech & Science

Under new legislation that passed the House of Representatives last week, TikTok could be banned in the United States.

Life

Platforms like Instagram and Pinterest often suggest travel destinations based on your likes and viewing habits.