Elon Musk No Longer Richest Man in World, Replaced By This Businessman,,,

Elon Musk, the head of American electric vehicle (EV) maker Tesla, no longer holds the position of the world’s richest person. Bernard Arnault, chairman and CEO of luxury goods maker Moet Hennessy Louis Vuitton (LVMH), has overtaken Musk to take the title.

According to Forbes’ Billionaires List, last week Arnault and his family’s net worth increased by $23.6 billion to $207.6 billion. Musk lost more than $18 billion and his net worth fell to $204.7 billion. However, according to the Bloomberg Billionaires Index, his net worth has risen by 1.5% to $204.7 billion. Musk Musk retains his position as the world’s richest person. According to this index, Musk’s net worth is $199 billion. He is followed by Amazon chief Jeff Bezos (about $184 billion), one of the biggest e-commerce companies. Bernard Arnault is third in this list with a net worth of $183 billion.

Last week, the company’s stock price fell sharply after Musk warned of weak sales this year. Tesla The market value of Tesla had fallen by about $ 80 billion. The company’s investors fear that demand will remain weak and Tesla will face tough competition from Chinese automobile companies.

Musk had said that Tesla is preparing to launch a low-priced electric car. This electric car will be manufactured in the company’s factory in Texas, USA in the second half of next year. However, he also said that there may be difficulties in increasing its production as it will require modern technology. For more than a year, the EV industry has been struggling with slow demand. If Tesla cuts prices, it will increase pressure on startups in this segment and automobile companies like Ford. Musk believes that if trade restrictions are not imposed on Chinese automobile companies, they can become a threat to global automobile companies. Tesla is facing tough competition from China’s BYD. BYD, funded by famous investor Warren Buffett, became the company selling EVs by surpassing Tesla in the last quarter on the basis of its low-priced electric cars.