Billionaires - December 10, 2022

Elon Musk Drops as World’s Richest Man

ebubejulius December 10, 2022

3 min read

Elon Musk, the CEO of Tesla and Twitter, has lost his title as the richest person in the world. This was announced by Forbes on Thursday.

With a net worth of $183.6 billion, Mr. Musk was ranked second on Forbes’ list of “Real-Time Billionaires.”

He’s replaced by Bernard Arnault, CEO of the French luxury company LVMH, which produces Louis Vuitton high-end goods and Hennessy cognac, and whose net worth was reported to be $186.2 billion.

Between 2020 and 2021, Mr. Musk held the title of wealthiest person in the world after ousting Bill Gates.

According to Forbes, Mr. Musk has experienced a “dramatic fall of Tesla’s share price,” which is down 56% in 2022. Arnault, however, has risen as a result of LVMH’s shares remaining mostly flat this year.

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It’s possible that Musk’s Twitter activity and relationships with right-wing influencers have an impact on Tesla stock prices. According to Forbes, Musk’s wealth peaked in November 2021, when he was valued at $320 billion.

He sold off roughly $4 billion of Tesla stock, while raising funds to make a $44 billion transaction on Twitter acquisition.

Because a significant portion of Musk’s wealth is invested in his private companies, such as the internet and rocket company SpaceX, the tunnelling company The Boring Company, and Neuralink, which aims to implant computer chips in people’s brains, analysts claim it is difficult to estimate Musk’s overall wealth.

Despite the setbacks, Mr. Musk remains far in front of the second- and third-placed billionaires, Jeff Bezos and Indian Gautam Adani, who are each estimated to be worth $135 billion.

With a net worth of $171 billion, the CEO commands the top spot on Bloomberg’s Billionaires Index. Arnault comes in second with a net worth of $166 billion.

According to Bloomberg, he has lost close to $100 billion so far this year.