Elon Musk Loses World’s Richest Man Title to Bernard Arnault on Forbes

• Bernard Arnault, the French billionaire, has overtaken Elon Musk as the world's richest man
• Arnault gained over $20 billion on Friday, January 2024, to topple Musk, who is now worth $204 billion on Forbes
• Nigeria's Aliko Dangote has earned over $6 billion in January to bring his net worth to $22 billion

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

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 after an increase of $23.6 billion on Friday, January 26, 2023.

Arnault earns $23 billion in one day

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Elon Musk is now worth $204 billion at the time of 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 in 2021, which was then believed to be the most significant purchase ever.

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

Musk retains world's richest man title on Bloomberg as Dangote shines

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.

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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.

Dangote hits $22 billion in net worth

Legit.ng reported that Africa's wealthiest man, Aliko Dangote, has seen his net worth rise to $22 billion, experiencing the fastest increase in years.

Data from the Bloomberg Billionaire Index shows that Dangote earned over $1 billion on Tuesday, January 23, 2024, and $282 million on Wednesday, January 24, 2024, as the share price of Dangote Cement continued its bullish run at the Nigeria Exchange Limited.

The market capitalisation of Dangote Cement hit N10 trillion on Monday, January 22, 2024, becoming the first Nigerian company to achieve the feat on the Nigerian Exchange, Legit.ng reported.

Source: Legit.ng