(RTTNews) - Billionaire Bernard Arnault, the founder and CEO of global luxury goods company LVMH (LVMHF.PK), has overtaken Tesla (TSLA) CEO Elon Musk to become the world's richest person, according to Forbes magazine. The magazine stated that Arnault and his family's net worth surged to $207.8 billion, following a substantial increase of $23.6 billion on Friday whereas Musk's fortune stood at $204.5 billion. The market valuation of LVMH, the parent company of Louis Vuitton, reached $388.8 billion on Friday compared to Tesla's market capitalization of $586.14 billion. On the other side, Tesla's share tumbled after it forecasted slower growth, wiping $80 billion in market value on Thursday. However, Musk retains the richest person title in Bloomberg's Billionaires Index, with a net worth of $199 billion, while Arnault stands at third position with a $183 billion net worth.

Source: Forbes January 30, 2024 02:45 UTC