Ammon News - Bernard Arnault, the billionaire chairman and CEO of global luxury goods company LVMH is now the richest man in the world, passing Elon Musk, according to Forbes magazine.

Arnault and his family’s net worth grew to $207.8 billion after a $23.6 billion increase on Friday, passing Musk’s $204.5 billion, according to the Forbes real-time billionaires list.

The news comes as Musk’s Tesla struggled in the stock market Thursday, dropping 13%, with Musk losing more than $18 billion in net worth.

Meanwhile, LVMH shares were soaring Friday, up over 13% as of 11 a.m. on the heels of news of strong sales.

The market cap of LVMH reached $388.8 billion on Friday, compared to Tesla’s $586.14 billion market cap.

Top 10 richest person in the world

According to the Forbes real-time billionaires list, the top 10 richest people in the world are-

Bernard Arnault & Family ($207.6 billion)

Elon Musk ($204.7 billion)

Jeff Bezos ($181.3 billion)

Larry Ellison ($142.2 billion)

Mark Zuckerberg (139.1 billion)

Warren Buffett ($127.2 billion)

Larry Page ($127.1 billion)

Bill Gates ($122.9 billion)

Sergey Brin ($121.7 billion)

Steve Ballmer (118.8 billion)