LVMH chairman Bernard Arnault has overtaken Elon Musk to become the world’s richest individual.
The Tesla and Twitter owner was leap-frogged mainly because of a 54% decline in the value of Tesla shares this year, leading to both the Bloomberg Billionaires Index and the Forbes Real Time Billionaires list placing Mr Arnault in the lead.
Mr Musk is now estimated to be worth $164 billion while Mr Arnault’s fortune is valued at $171 billion.
The share price of LVMH has risen by around 50% in the past six months while Tesla’s value has dropped by 54% this year.
LVMH, home to Bulgari, TAG Heuer, Zenith and Hublot along with Louis Vuitton, Christian Dior and Dom Pérignon, is currently valued at $386 billion.