Elon Musk loses top spot on rich list to French luxury exec Arnault
Pascal Le Segretain/Getty Images News

Teslaâs (NASDAQ:TSLA) tumbling share price has caused Elon Musk to drop to No. 2 in the list of richest people in the world. Meanwhile, French fashion giant LVMHâs (OTCPK:LVMUY) resiliency amid a market downturn has helped push CEO Bernard Arnault into the top spot. 
Muskâs fortune has fallen by more than $100B in 2022 as Tesla shares have fallen sharply. Forbes lists Muskâs net worth at $173.9B on Tuesday, below the $190.8B estimate for Arnault. 
The latter has benefitted from his sizable stake in LVMH (OTCPK:LVMHF), which has fallen only about 6% in 2022 as compared to a drop of more than 60% drop for Tesla at Wednesday's lows. The combined wealth of Jim, Rob, and Alice Walton has also eclipsed Muskâs net worth, according to the Bloomberg billionaireâs index. The family has benefitted from the positive performance for Walmart (WMT) in 2022, adding more than $2.3B to their aggregate wealth this year.

Other notable billionaires bleeding wealth in 2022 include Amazon (AMZN) founder Jeff Bezos, who has fallen to the fourth spot as his wealth has eroded by $76.6B this year, and Microsoft (MSFT) founder Bill Gates, whose wealth has dipped $22.5B in 2022 to $116B, placing him fifth on Bloombergâs list. Berkshire Hathaway (BRK.A) (BRK.B) Chairman Warren Buffett has lost a comparatively minimal $456M to maintain his $108B fortune.
Notable billionaires adding to their wealth in a volatile 2022 include Indian magnate Gautam Adani, who has rocketed up the ranks by increasing his fortune by $48.6B this year to total $125B, Susquehanna Group founder Jeff Yass, whose wealth has soared to $33.2B after gains of $29.4B this year, and the Wertheimer brothers, Chanel heirs whose collective wealth has jumped nearly $25B in 2022. 
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