Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Elon Musk overtaken as world's richest person by LVMH chairman Bernard Arnault

Elon Musk overtaken as world's richest person by LVMH chairman Bernard Arnault

The Twitter and Tesla chief executive had held the title of world's richest person since September 2021, when he overtook Amazon's Jeff Bezos to the top spot.

Twitter and Tesla CEO Elon Musk is no longer the richest person in the world after being usurped by LVMH chairman and CEO Bernard Arnault.

According to Forbes' real-time billionaires list, the 51-year-old's net worth decreased by $4.5bn (-2.9%) in comparison to Arnault, who oversees some 70 fashion and cosmetic brands, whose rose by $849m (0.46%).

Arnault's net worth is listed as $187.3bn (£151.1bn) on the Forbes list.

Back in October, Arnault hit headlines after he sold his private jet after Twitter accounts such as @i_fly_Bernard and @laviondebernard sprung up on the social media platform to track the billionaire's aircraft, revealing the amount of pollution they cause.

A year prior, the same happened to Musk. The SpaceX and Tesla chief described the tracker, which uses publicly available air-traffic information, as a potential threat to his safety - and offered the teenager behind the social media page $5k (£4k) to shut down the @ElonJet account, which was rejected. Today, the account has been suspended.

Musk's $176.8bn (£142.6bn) real-time net worth is based largely on his 25% ownership of Tesla, but stocks closed down 6.87% for the day today.

Stocks of the automotive company have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk's $44bn (£35.5bn) Twitter acquisition, CNBC reports, where he sold off approximately $4bn (£3.2bn) of Tesla stock.

Forbes said that the businessman's wealth peaked in November 2021 when he was worth $320bn (£258bn).


CEO of LVMH Bernard Arnault

The Bloomberg Billionaires Index, which uses slightly different methodologies, was updated on Wednesday and also ranked Musk's fortune behind Arnault.

Musk had been the world's richest man since September 2021, taking over from Amazon CEO Jeff Bezos.

Much of Musk's wealth is tied up in his private companies including rocket and internet firm SpaceX, infrastructure and tunnel construction services company The Boring Company, and Neuralink, which wants to put computer chips in people's brains.

According to Bloomberg, SpaceX, formerly known as Space Exploration Technologies Corp, is valued at around $140bn (£112.9bn) and dominates the market for commercial space launch.

Musk's dip in global wealth rankings comes shortly after he was greeted with "a lot of boos" during an awkward on-stage appearance at a Dave Chappelle comedy show in San Francisco.

In a clip posted to the mogul's Twitter account, Chappelle is seen asking audience members to "make some noise for the richest man in the world".

They promptly oblige, though likely not in the way either of the men intended. Trying to interject the hostile reaction, Musk spent most of the five-minute appearance awkwardly standing still or pacing around on stage.

In a now deleted tweet, Musk insisted that the crowd was "90% cheers" and "10% boos," which were a result of having offended "San Francisco's unhinged leftists".

A day after his appearance with Chappelle, Twitter dissolved its Trust and Safety Council, which was formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform.

Shortly after buying Twitter for $44bn in late October, Musk said he would form a new "content moderation council" to help make major decisions, but later changed his mind.

Last week, three council members announced they were resigning in a public statement posted on Twitter that said "contrary to claims by Elon Musk, the safety and wellbeing of Twitter's users are on the decline".
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×