Arnault, who co-founded LVMH in 1987, has an estimated net worth of $186.7bn
Bernard Arnault co-founded LVMH in 1987
A 6% drop in shares at Musk’s Tesla company on Monday resulted in an estimated loss of $7.4bn in the company.
A day later it dropped a further $4.5bn to $176.8bn, placing Musk as second on Forbes’ list.
Stocks in Tesla are now valued to be 60% less than at the start of 2022 and investors, as a result of the fluctuating shares, have remained cautious.
The situation was further exacerbated by the South African-born entrepreneur’s turbulent acquisition of Twitter in October.
Musk slashed nearly half of the social media platform’s 7,500-strong workforce shortly after purchasing the company, admitting there had been a “massive drop” in revenues.
This was followed up by an email to remaining employees stating they would be required to work “long hours at high intensity" or leave the company.
Musk’s other business ventures include stepping into the world of beauty with the launch of a new fragrance which is meant to smell like Burnt Hair.
The scent retails for $100 on Musk’s website, The Boring Company, and has been described as the “essence of repugnant desire”.
After revealing the product on Twitter, Musks claim to have sold 20,000 bottles within the first 24 hours - taking home around $2m.
