Elon Musk has witnessed both highs and lows in 2022, and as a result, the billionaire has seen his net worth decrease by more than $100 billion this year. As a result, Bernard Arnault, the CEO of Louis Vuitton’s parent company LVMH, has surpassed Musk as the richest person in the world.
Musk, 51, is currently worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73, according to the Bloomberg Billionaires Index.
Arnault and his family recorded a net worth of $185.4 billion last week, surpassing Musk, who had previously recorded a net worth of $185.3 billion before increasing it once more to $190 billion.
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After acquiring Twitter for a whopping $44 billion, the Tesla CEO’s wealth continued to decline.
In November of last year, the 51-year-old’s worth reached a peak of $340 billion. Tesla shares have fallen almost 58% since the beginning of the year.
Musk’s net worth of more than $185 billion made him the richest person in the world for the first time in January 2021.
Tesla shares are also continuing to decline after news that the company may reduce production at its Shanghai facility by 20% in December.
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