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The 51-year-old Twitter owner saw his fortune, at one point worth $340 billion, fall by more than $100 billion since January to $163.6 billion. That makes Bernard Arnault, the 73-year-old who owns 48% of fashion company LVMH and is worth $170.8 billion, the wealthiest person.
It’s been a chaotic year for Musk, whose acquisition of Twitter for $44 billion, which he attempted to pull out of for months, caused him to offload more than $15 billion in Tesla shares by August to fund the purchase.
Arnault, a far less incendiary figure than Musk, has long held a spot in the world’s wealthiest people rankings.
Over the past 30 years, the billionaire has transformed LVMH into a luxury goods giant, with 75 labels selling wine, spirits, fashion, leather goods, perfumes, cosmetics, watches, jewelry, luxury travel, and hotel stays. LVMH also completed a $15.8 billion acquisition of Tiffany & Co (a high-end luxury jewelry and specialty retailer) in January 2021.
Musk likely won’t fall further down the list of top billionaires anytime soon: Spots three and four go to Gautam Adani and Jeff Bezos, who boast $125 billion and $116 billion fortunes, respectively.
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