THE WHAT? LVMH Chief Executive Bernaud Arnault has taken the title of world’s richest person, overtaking billionaire Elon Musk, which saw further drops in the share values of his electric car company Tesla, according to the Guardian.
THE DETAILS Forbes and Bloomberg track the wealth of billionaires, reporting that fresh falls in Tesla’s share price at the start of the week wiped off approximately US$7 billion from Musk’s fortune.
This saw Musk have a wealth of around US$177 billion as opposed to Arnault’s US$188 billion.
THE WHY? Tesla’s fall is said to be due to a variety of factors, including disappointing quarterly results, disruption at a factory in Shanghai, and investor concern about Musk’s other ventures including Twitter, as well as his controversial Tweets.