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Elon Musk has long been known as the wealthiest man on earth, running the likes of Tesla, SpaceX and, most recently, Twitter.
However, his prestigious title could be transferred to another person, as happened recently.
The metric
On Wednesday, Elon Musk briefly slipped to second place on Forbes’ list of “real-time billionaires.”
The CEO of Twitter, SpaceX, and Tesla sat just behind Bernard Arnault for a moment.
On the same level as Musk, Arnault is the CEO of the French luxury brand LVMH.
He is also the creator of luxury products Hennessy Cognac and Louis Vuitton.
However, Forbes estimates Elon Musk’s net worth at $184.9 billion, which is higher than Arnault, who stands at $184.7 billion.
“The two men’s fortunes are nearly the same – separated by just $200 million,” Forbes noted.
“So it won’t be surprising if they continue to flip flop in Forbes’ rankings of the world’s wealthiest.”
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The drop
Forbes explained that thanks to the flat shares of LVMH, Bernard Arnault has risen in the rankings.
Meanwhile, Elon Musk witnessed a dramatic drop in Tesla’s stock price, down 56% in 2022.
Musk’s strategy of appealing with friendliness to right-wing influencers on Twitter could also affect Tesla’s stock.
The Tesla CEO’s net worth peaked at $320 billion last November, according to Forbes.
Stocks and shares
Elon Musk had to sell more than $4 billion worth of Tesla stock to fund his $44 billion Twitter buyout.
However, the social media company is facing issues like layoffs, and advertisers are wary of Twitter’s management.
Additionally, Musk sold $14.5 billion worth of Tesla stock earlier this year when he announced his deal to buy the social media platform.
Estimating Elon Musk’s net worth will not be easy.
Most of his money is tied up in his private businesses, including:
- Rocket and internet firm SpaceX
- Tunneling outfit The Boring Company
- Neuralink is a company dedicated to installing computer chips in people’s brains
Competition
Despite his losses, Elon Musk still ranks above others on the Forbes list.
Indian billionaire Gautam Adani took third place with a net worth of $134.8 billion.
Meanwhile, Amazon founder Jeff Bezos is now worth about $111.3 billion.
Elon Musk tops the Bloomberg Billionaires Index with a net worth of $179 billion.
Bernard Arnault, with $165 billion, follows him.
However, according to Bloomberg calculations, Musk has already lost $13 billion.
The list is updated daily after the market closes.
Reference:
Elon Musk is on the verge of losing his world’s richest person title
