Twitter and Tesla CEO, Elon Musk, is no longer the richest person in the world, Forbes announced on Thursday.
Forbes listed Mr Musk as occupying the second position in its latest list of “Real-Time Billionaires” with a net worth of $183.6 billion.
He comes after CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac, Bernard Arnault, whose net worth was estimated at $186.2 billion.
Mr Musk held the position as the world richest man between 2020 and 2021 after he displaced Bill Gates.
Forbes said on Wednesday that Mr Musk has faced a “dramatic collapse of Tesla’s share price,” which is down 56% in 2022, but Arnault has risen due to LVMH’s shares being largely flat this year.
Mr Musk’s Twitter presence and his interactions with right-wing influencers may be having an effect on Tesla stock prices. According to Forbes, Musk’s wealth peaked in November 2021, when he was valued at $320 billion.
He recently sold off about $4 billion of Tesla stock, while raising funds to complete a $44 billion deal on Twitter acquisition.
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Analysts say that estimating Mr Musk’s overall wealth is challenging because a large portion of his wealth is invested in his private businesses, such as the internet and rocket company SpaceX,the tunnelling company The Boring Company, and the company Neuralink, which seeks to implant computer chips in people’s brains.
Despite the losses, Mr Musk is still far ahead of second-and third-placed billionaires Jeff Bezos and Gautam Adani of India, each of whom is worth an estimated $135 billion.
The CEO holds a commanding first-place position on Bloomberg’s Billionaires Index with a net worth of $171 billion. With a net worth of $166 billion, Arnault is in second place.
Bloomberg estimates that he has lost around $100 billion so far this year.
SOURCE: Premium times
