Musk no longer the richest man in the world due to his ineptitude

[iemanja]

London
CNN
—

Bernard Arnault, the chairman of French luxury goods giant LVMH (LVMHF), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place.

Now worth $171 billion, Arnault’s wealth eclipsed the Tesla CEO’s $164 billion fortune on Tuesday, according to the Bloomberg Billionaires Index. Arnault had already ousted Musk from the top spot on Forbes’ list of “Real Time Billionaires” last week.

Musk’s net worth has tumbled by $107 billion this year, according to the Bloomberg Billionaires Index. Arnault’s wealth, which stems from his controlling stake in LVMH, has suffered a more modest $7 billion decline.

The divergence is partly down to the stock performance of the companies in which the pair own shares. Musk’s purchase of Twitter (TWTR) hasn’t helped either. Still, he is in no imminent danger of falling further down the list: His fortune remains comfortably bigger than that of Indian industrialist Gautam Adani ($125 billion) and Amazon (AMZN) founder Jeff Bezos ($116 billion), who rank third and fourth on Bloomberg’s list.

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