Tesla shares closed down about 6.3% for the day, and have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk’s $44 billion Twitter acquisition.
Musk’s wealth, mostly tied to Tesla stock, was propelled by a meteoric rise in the carmaker’s share price, which rocketed more than 1,000% in two years.
Arnault, through holding vehicles and family trusts, owns a little over 60% of LVMH’s voting share class, according to SEC filings. Arnault is worth $186.2 billion, according to Forbes.
According to FactSet data, Musk presently owns 14.11% of Tesla’s outstanding shares, with a market value of $530 billion. Musk also owns more than 40% of SpaceX shares, adding billions on paper to his net worth, based on a $125 billion private market valuation from June 2022.
In a down year for stocks, LVMH shares have dropped just 1.5% in 2022. LVMH is based in Paris and is listed on Euronext Paris.