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Elon Musk, the new Twitter owner and Tesla Inc boss, on Wednesday briefly lost his title as the world’s richest person to Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family, Forbes informed. This happened due a sharp drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family replace Musk from the top spot with a personal wealth of $185.4 billion, according to Forbes for some time but got back to the second spot again.
Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com founder Jeff Bezos.
Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
