Bernard Arnault, the French businessman who owns luxury goods giant LVMH, has overtaken Elon Musk as the richest person in the world, according to Forbes' list of billionaires.
Arnault's net worth rose to $207.8 billion, driven by an increase of $23.6 billion, surpassing Musk's net worth of $204.5 billion.
Tesla, Musk's electric car company, saw its shares fall 13 percent, eroding more than $18 billion of his net worth. Meanwhile, LVMH shares rose more than 13 percent, benefiting from a wave of optimism following strong sales reports. According to the Forbes report, the market capitalization of LVMH reached $ 388.8 billion, compared to Tesla's market value of $ 586.14 billion.
Source (Al-Arabiya.net Website, Edited)
