Elon Musk briefly loses World's Richest Man title to Bernard Arnault as fortune dips to $185.3B
Tesla Inc CEO and Twitter owner Elon Musk briefly lost his 'World's Richest Man' title to luxury brand boss Bernard Arnault. Musk topped the list in September 2021 and on December 7, 2022, he slipped to the second position.
Crowned by the 'Forbes Real Time Billionares' list, Musk has ruled the top position for more than a year until LVMH chairman Arnault's personal wealth of $185.4 billion overtook the Space X chief engineer's fortune which dipped to $185.3 billion.
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MEAWW previously reported that Musk's net worth has reportedly dropped below $200B. The dip was followed by the act of investors who allegedly left Tesla Inc worrying that Musk was preoccupied with his Twitter plans.
Based on stock prices, the Forbes Real Time Billionaires list is constantly updated with the rankings changing every five minutes. Being the largest shareholder of the world's most valuable electric vehicle, Musk lost nearly half of Tesla's market value, and since his bidding for Twitter in April, his net worth dropped by about $70 billion.
According to the New York Post, with $13 billion in loans, he closed the Twitter deal in October along with a $33.5 billion equity commitment. Taking from his Tesla holdings that largely account for his personal worth, Musk funded the Twitter takeover for $44 billion, according to the Daily Mail. A loss of 57 percent of Tesla's stock took place since the beginning of 2022.
In November 2021, Tesla reached an all-time high of $424.50 billion in shares and a net worth of $320 billion for Musk. However, these high shares dropped to $185.3 billion this year.
However, Arnault, the French businessman and CEO of LVMH Moët Hennessy – Louis Vuitton, has also faced a dull time in the market where the company dropped down by 9.7 percent since the beginning of the year, reports the Daily Mail.
Briefly overtaken by the 73-year-old business tycoon, Musk took back his first position on the Forbes list that pinned Musk on top with $185.0 billion, slightly ahead of Arnault's $184.7 billion.
Apart from being the Tesla CEO, his other roles include CEO/owner of Twitter, SpaceX, Neuralink, and The Boring Company, all of which make up a part of Musk's net worth.
