According to Forbes, Elon Musk is no longer the world’s richest person.
Elon Musk fell to second place on Forbes’ list of “Real-Time Billionaires”, trailing Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac. Forbes now values Musk’s fortune at $183.6 billion, slightly less than Arnault’s fortune, which is valued at $186.2 billion.
According to Forbes, Bernard Arnault’s rise is due to LVMH’s stock remaining mostly flat this year, whereas Elon Musk has seen a “dramatic collapse of Tesla’s share price,” which is down 56% in 2022. Musk’s strategy of socializing with right-wing influencers on Twitter may be affecting Tesla stock. According to Forbes, Musk’s wealth peaked in November 2021, when he was worth $320 billion.
Musk recently sold about $4 billion in Tesla stock to fund his $44 billion purchase of Twitter, which has been plagued by issues such as layoffs and wary advertisers concerned about the platform’s direction. When Musk announced his deal to buy Twitter earlier this year, he sold blocks of Tesla stock worth a total of $15.4 billion.
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Estimating Musk’s wealth in general is difficult because much of his money is invested in his private companies, such as rocket and internet company SpaceX, tunnelling outfit The Boring Company, and Neuralink, which wants to implant computer chips in people’s brains.
Despite his losses, Elon Musk is still far ahead of third-place Indian billionaire Gautam Adani, who is worth $135 billion, and Amazon founder Jeff Bezos, who is worth $113.1 billion.
However, Elon Musk still ranks first on Bloomberg’s Billionaires Index, with a net worth of $171 billion as they do have other methods of analyzation. Bernard Arnault comes in second with a net worth of $166 billion. According to Bloomberg, Musk has lost approximately $100 billion this year.