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Elon Musk is in jeopardy of losing his long-held title of world’s richest person on Wednesday morning due to months of turmoil at Twitter and his other businesses.
The CEO of the French luxury goods company LVMH, Bernard Arnault, momentarily surpassed Elon Musk on Forbes’ real-time billionaires list. Included among LVMH’s subsidiaries are Louis Vuitton and Mot & Chandon.
Musk reclaimed a little lead against Arnault in the late hours of Wednesday morning, only to lose it again. As of 11:35 a.m. ET, Forbes projected Arnault’s wealth to be $185.8 billion and Musk’s to be $185.4 billion.
Following Amazon founder Jeff Bezos and Berkshire Hathaway chairman Warren Buffett on the Forbes list is the Indian infrastructure tycoon Gautam Adani.
Musk’s wealth loss came on the same day as shares of his electric vehicle company, Tesla, fell roughly 4%. As recession concerns and macroeconomic unpredictability grip investors, Tesla’s stock, which constitutes the majority of Musk’s estimated worth, has dropped over 60% since January.
This year, Elon Musk has lost more than $100 billion in net value.
This year, Tesla investors have voiced concern about Musk’s $44 billion acquisition of Twitter, which has sparked a media frenzy. Musk has sold Tesla shares many times to finance the acquisition.
While reorganizing Twitter’s operations, Musk has received a mixed reception from the public, with opponents questioning his choice to order widespread layoffs and reduce content control standards. This week, the billionaire was reexamined in light of allegations that Twitter had built beds in its workplaces.
LVMH As of Wednesday morning, Bernard Arnault has surpassed Elon Musk in wealth.
Since September of last year, Musk had the top place on Forbes’s list. On November 4, 2021, his fortune reached an all-time high of $320.3 billion.
However, the tech entrepreneur’s wealth has decreased by more than $100 billion this year due to the decline of Tesla shares. Since April, when he initially made an offer to purchase Twitter, his net worth has decreased by almost $70 billion.
In addition to his positions at Tesla and Twitter, Musk co-founded the brain chip company Neuralink and is the CEO of the tunnel-boring company Boring Company.
»Elon Musk is in risk of losing the title of world’s richest person to this French entrepreneur«