Louis Vuitton's Bernard Arnault Dethrones Elon Musk as World's Richest Person

Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, is now officially the world's richest man-- overtaking electric car Tesla CEO Elon Musk. The major shift in the Forbes Magazine list of the world's richest person's order came after the 74-year-old founder's company registered a 10 per cent rise in fourth-quarter sales. The growth is pushed by resilient demand post the coronavirus pandemic, especially in the fourth-quarter sales. 

According to Forbes, Bernard Arnault and his family currently hold a personal fortune of $207.6 billion. While Musk, whose critical statement about the sale decline of his own company, drove him from the list of toppers to the second one, has a net worth of 204.7 billion, as per Forbes. Notably, on Thursday, the American electric automobile company shares tumbled over 12% after Musk warned sales growth would slow this year. This triggered a major decline in Tesla's stock. In fact, the stock went down its sharpest intraday percentage loss in more than a year.