Elon Musk Dethroned by French Billionaire as he Emerges as World’s Richest Person.

French billionaire and chairman and chief executive officer (CEO) of Louis Vuitton, Bernard Arnault, has overthrown Tesla CEO Elon Musk as the world’s richest man.

Data from Forbes’ Real-Time Billionaires list shows that Arnault and his family’s net worth grew to $207 billion (KSh 33.2 trillion) after an increase of $23.6 billion on Friday, January 26, 2023.

What did Arnault earn in a day?

Elon Musk was worth $204 billion (KSh 32.7 trillion) at the time of publishing this report,

The development follows the rise in the shares of LVMH at the close of business on Friday, January 26, 2024, by over 12% following strong sales by the company.

74-year-old Anault oversees the LVMH empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora.

The French billionaire acquired the luxury brand for $16 billion (KSh 2.6 trillion) in 2021, which was then believed to be the most significant purchase ever.

Anault nominated two of his children to the company’s board.

Who is the richest on the Bloomberg Index?

However, Elon Musk retains the richest man title on the Bloomberg Billionaire Index, followed by Amazon founder Jeff Bezos.

According to the data, the Tesla CEO has lost over $30 billion since 2024 to narrow the gap between him and Bezos.

On the other hand, Aliko Dangote, Nigeria’s and Africa’s richest man has gained over $6 billion to bring his net worth to $22 billion.

Dangote has recouped most of his losses as Nigeria embarked on Forex reforms since June last year.

At the beginning of January 2024, Dangote’s net worth was estimated at $15 billion.

He briefly lost the title of Africa’s richest man to South Africa’s Johann Rupert.