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Market Daily

Elon Musk nearly lost ‘wealthiest man’ title

Elon Musk briefly slipped to second wealthiest man
Elon Musk briefly slipped to second wealthiest man

Image source: Bloomberg

Elon Musk made a name for himself as the richest man in the world with Tesla, SpaceX and most recently, Twitter.

However, his prestigious title could be transferred to another person, as was the case recently.

The metric

On Wednesday, Elon Musk briefly slipped to second place on Forbes’ list of “real-time billionaires.”

The CEO of Twitter and Tesla sat just behind Bernard Arnault for a moment.

Arnault is as wealthy as Musk, running as the CEO of the French luxury brand LVMH.

He is also the creator of Hennessy cognac and luxury products from Louis Vuitton.

However, Forbes now estimates Elon Musk’s net worth stands at $184.9 billion, which is higher than Arnault’s $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 LVMH’s flat stock, Bernard Arnault climbed the rankings.

Meanwhile, Elon Musk has seen a dramatic drop in Tesla’s stock price, which fell 56% in 2022.

Musk’s strategy of playing friendly right-wing influencers on Twitter could also influence Tesla stocks.

According to Forbes, the Tesla CEO’s net worth peaked last November at $320 billion.

Stocks and shares

Elon Musk recently sold more than $4 billion worth of Tesla stock to fund his $44 billion Twitter buyout.

The social media company faces issues like layoffs, and advertisers have become wary of Twitter’s management.

Additionally, Musk sold $14.5 billion worth of blocks of Tesla stock earlier this year when he announced his deal to buy the social media platform.

Estimating Elon Musk’s net worth can be challenging.

The majority of his money is tied to 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

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Despite his losses, Elon Musk is still miles ahead of the rest 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 estimated to be worth around $111.3 billion.

Elon Musk comfortably tops the Bloomberg Billionaires Index with a $179 billion net worth.

Bernard Arnault follows with 165 billion dollars.

However, according to Bloomberg calculations, Musk has already lost $13 billion.

The list is updated daily after the market close.


Elon Musk is on the verge of losing his world’s richest person title

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