Elon Musk Unseated as the World’s Second Richest Person by Owner of Luxury Conglomerate

Elon Musk has been knocked off by luxury magnate Bernard Arnault from the second position in the world’s richest men rankings, reported by foreign media.

As per Forbes’ real-time billionaires list, Bernard Arnault, CEO of French luxury conglomerate LVMH Mot Hennessy – Louis Vuitton has eclipsed Musk in terms of wealth. Until Tuesday morning, Musk’s fortune was pegged at $174.6 billion while Arnault’s fortune clocked in at $176.3 billion.

However, according to Bloomberg’s billionaires list, Arnault sits at the fourth position with net worth of $146 billion while Musk still owns the second spot with $183 billion net worth. Amazon CEO Jeff Bezos sits atop both the rankings with a net worth of $197 billion.

Arnault, along with his family, controls 47% of the LVMH and the recent rise has appeared due to a very impressive and profitable first quarter for the company. The luxury giant recorded 14 billion euros ($16.9 billion) in revenue in the first 3 months which was 32% more than last year. LVMH owns over 70 brands which include Louis Vuitton, Christian Dior, Fendi, Mot & Chandon, Hennessy, Veuve Clicquot and many others.