Musk Briefly Loses Position as World’s Wealthiest Person

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FILE - Elon Musk attends The Metropolitan Museum of Art's Costume Institute benefit gala on May 2, 2022, in New York. (Photo by Evan Agostini/Invision/AP, File)

Elon Musk briefly lost the title of world’s richest man on Wednesday, having been leapfrogged by LVMH Chairman and CEO Bernard Arnault, according to Forbes.

So, was Musk starving and homeless? Not quite. Forbes estimated that the Twitter owner was worth $185.7 billion, more than enough to afford a fully loaded schnitzel sandwich. However, Arnault had just a smidge more, and was worth $185.8 billion.

Musk, who at one point was worth over $200 billion, has seen his wealth drop, mostly due to a precipitous decline in Tesla shares value.

The share value decline has mostly been driven by concerns that Musk is preoccupied with Twitter and is focusing less on Tesla. Since Musk first bid for Twitter in April, Tesla has lost about half its value and Musk’s estimated personal fortune has dropped by around $70 billion.

Still, Tesla shares rose on Wednesday, catapulting Musk back into first place.

Coming in after Musk and Arnault on the Forbes list is Indian businessman Gautam Adani at $134.8 billion, Amazon founder Jeff Bezos at $112 billion, investor Warren Buffett at $106.8 billion, Microsoft co-founder Bill Gates at $105.6 billion and Oracle co-founder Larry Ellison at $102.1 billion.

Former President Donald Trump is also on the list, with an estimated net worth of $3.2 billion.

(YWN World Headquarters – NYC)

3 COMMENTS

  1. This is actually incorrect. Although Musks acquiring Twitter has certainly not helped TSLA, the main cause of the Tesla stock dropping in value has more to do with investor fears of the short term prospects due the overall state of the economy etc. than fear of Musk being too preoccupied with Twitter.