Today, Elon Musk, the CEO of Twitter and Tesla, briefly lost his position as the world’s richest person, according to the Forbes list, which tracks the wealth of the world’s billionaires in real time. Mr. Musk’s net worth plummeted due to the decline in Tesla stock and a $44 billion bet on Twitter.
Mr. Musk, 51, was dethroned as the world’s richest person by Bernard Arnault, CEO of the parent company of luxury brand Louis Vuitton, LVMH.
Mr. Arnault topped the Forbes list with a net worth of $185.3 billion. Musk, who has reclaimed the top spot, has a personal fortune of $185.7 billion.
Elon Musk has been the world’s richest man since September 2021, when he surpassed Amazon founder Jeff Bezos on the list.
Mr. Musk’s net worth has slumped by more than $200 billion by 2022, as Tesla shares fell to their lowest level in two years.
Most of his wealth is in the electric-car maker, struggling with escalating Covid-related restrictions in China, its largest market outside the US.
Mr. Musk has also been distracted with Twitter, the social media network he purchased for $44 billion last month. According to data, the value of Tesla shares has decreased by 20% in just one month. Of that, only the last five sessions have seen a 16% decline as Musk sold Tesla shares following the Twitter acquisition. Tesla stock has lost 56% of its value so far this year. Investors have questioned whether the billionaire is spreading himself too thin between his numerous high-profile ventures.
Along with Tesla and Twitter, Mr. Musk also runs SpaceX, a rocket company, and Neuralink, a startup working to connect the human brain to computers using ultra-high bandwidth brain-machine interfaces.