When it comes to controversy at the social media company Twitter, verbal missteps and groundbreaking business ideas, you can count on Elon Musk (51). But when it comes to money, the air is thinning relatively slowly for the American entrepreneur: on the list of the rich of the business magazine “Forbes”, a French multi-billionaire is currently vying for the first place.
On Thursday, “Forbes” ranked Bernard Arnault (73) and his family number one among the super-rich. With a net worth of $186.6 billion, the Frenchman only just surpasses Musk’s fortune. But the $800 million head start is enough to dethrone the $185.8 billion (as of December 8, 4:50 p.m.) American e-car pioneer.
Arnault passed Musk for the first time on Wednesday, then fell back briefly before reclaiming the top spot on Thursday. Since then, the two multi-billionaires have been embroiled in a head-to-head race.
Who is Musk’s rival?
Bernard Arnault heads the luxury group LVMH, whose portfolio includes the clothing brands Louis Vuitton and Marc Jacobs, the champagne producer Moët & Chandon and the perfume and cosmetics lines Bulgari and Christian Dior. Since February 2021, the traditional German shoe manufacturer Birckenstock has also been part of the group of more than 70 luxury brands. The latest takeover under the auspices of Arnault brought the Tiffany jewelry chain into the hands of the French.
The reason for Musk’s loss of rank is the sharp fall in the value of his Tesla shares in the meantime. Since Musk’s takeover plans for the social network Twitter became known, they lost almost half of their listing. In order to actually make the purchase in October, he had sold a large part of his shares in the electric car manufacturer. Musk ended up paying $44 billion to acquire Twitter.
Musk had already taken over the rank of richest person in the world from Amazon founder Jeff Bezos in September 2021. In addition to Tesla, Twitter and the aerospace company Space X, he also runs the start-up Neuralink, which aims to make it possible to connect the human brain to computers via an interface.
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
