Bernard Arnault overtakes Elon Musk to claim world's richest title

Bernard Arnault has replaced Elon Musk as the richest person in the world, who was once estimated to be worth $340 billion.

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Since January, Elon Musk's fortune has decreased by more than $100 billion, falling to $163.1 billion.

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That is less than Arnault's net worth of $170.6 billion.

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As Tesla’s stock price falls, Musk’s stake in SpaceX has become an important part of his fortune.

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It’s worth $47 billion, based on the June funding round that valued the private company at about $125 billion.

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