Elon Musk is no longer the richest person in the world

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That drop in Tesla stock is pretty big on Elon, says FM trader Karen Finerman

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 game show in Los Angeles, California June 13, 2019.

Mike Blake | Reuters

Tesla CEO Elon Musk is no longer the richest person in the world. According to Forbes, he ceded that title Monday to LVMH chairman and CEO Bernard Arnault at the close.

Tesla Shares ended the day down about 6.3%, and have more than halved in value this year, due in part to a sell-off that accelerated following Musk’s $44 billion acquisition of Twitter.

Musk’s fortune, tied mostly to Tesla stock, has been fueled by a meteoric rise in the automaker’s stock price, which has soared more than 1,000% in two years.

According to SEC filings, Arnault owns just over 60% of LVMH’s voting share class through holding vehicles and family trusts. Arnault is worth $186.2 billion, according to Forbes.

According to FactSet data, Musk currently owns 14.11% of Tesla’s outstanding shares with a market value of $530 billion. Musk also owns more than 40% of SpaceX stock, adding billions to his paper net worth based on a June 2022 private market valuation of $125 billion.

In a bad year for stocks, LVMH Shares are down just 1.5% in 2022. LVMH is based in Paris and listed on Euronext Paris.