Elon Musk is no longer the richest man on the planet, according to Forbes

New York
CNN Business

Elon Musk is no longer the richest person in the world, according to Forbes.

On Thursday, Musk fell to second place on Forbes list of “real-time billionaires” putting the CEO of Twitter and Tesla behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac. Forbes now pegs Musk’s wealth at $183.6 billion, slightly below Arnault’s estimated wealth of $186.2 billion.

Forbes noted Wednesday that Arnault’s rise is due to LVMH’s stock being virtually flat this year, while Musk has experienced a “dramatic collapse in Tesla’s stock price,” which fell 56% in 2022. Musk’s strategy cavorting with right-wing influencers on Twitter can also impact Tesla’s stock. Musk’s wealth peaked in November 2021, when he was worth $320 billion, Forbes said.

Musk recently sold about $4 billion of Tesla shares to finance its $44 billion purchase of Twitter, which is plagued with issues such as layoffs and wayward advertisers who are suspicious of the platform’s direction. Musk had sold blocks of Tesla shares worth a total of $15.4 billion earlier this year when his deal to buy Twitter was announced.

Estimating Musk’s wealth in general is a difficult task, however, because much of his money is tied up in his private companies, including rocket and internet company SpaceX, tunneling company The Boring Company and Neuralink, which wants to put computer chips in people’s brains. .

Despite the losses, Musk is well ahead of third place Indian billionaire Gautam Adaniwho is worth $135 billion and Amazon founder Jeff Bezos, whose wealth is estimated at $113.1 billion.

On Bloomberg’s Billionaires Index, Musk holds a solid No. 1 spot with a net worth of $171 billion. Arnault ranks second with a net worth of $166 billion. However, Musk has lost around $100 billion this year, according to Bloomberg calculations. This list is updated daily after market close.

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