Image source: Bloomberg
Elon Musk has established himself as the richest man in the world with Tesla, SpaceX and most recently, the social media platform Twitter.
However, his prestigious title could be transferred to another individual.
The metric
Elon Musk briefly dropped to second place on Forbes’ list of “Real-Time Billionaires” on Wednesday.
The CEO of Twitter and Tesla sat briefly behind Bernard Arnault.
Arnault is as powerful as Musk, CEO of French luxury brand LVMH.
He is also the creator of Hennessy cognac and Louis Vuitton luxury goods.
However, Forbes now estimates Elon Musk’s net worth at $184.9 billion, which is slightly 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 Bernard Arnault moved up the rankings thanks to LVMH’s flat stock throughout the year.
Meanwhile, Elon Musk has experienced a dramatic crash in Tesla’s stock price, which is down 56% in 2022.
Musk’s strategy of playing friendly right-wing influencers on Twitter could also impact Tesla’s stock.
According to Forbes, the Tesla CEO’s net worth peaked last November and was worth $320 billion.
Stocks and shares
Recently, Elon Musk sold over $4 billion worth of Tesla stock to fund his $44 billion Twitter buyout.
Now the social media company faces issues such as layoffs and advertisers growing wary of Twitter’s management.
Additionally, Musk sold blocks of Tesla stock worth $14.5 billion earlier this year when he announced his deal to buy Twitter.
Estimating Elon Musk’s net worth can be tricky.
Most of his money is tied up in 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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Competition
Despite his losses, Elon Musk is still miles ahead of the rest of the pack on the Forbes list.
Indian billionaire Gautam Adani ranked third and has a net worth of $134.8 billion.
Amazon founder Jeff Bezos is now estimated to be worth around $111.3 billion.
In Bloomberg’s Billionaires Index, Elon Musk comfortably holds the top spot with $179 billion.
Bernard Arnault follows with 165 billion dollars.
However, according to Bloomberg’s calculations, Musk has already lost $13 billion.
The list is updated after the market closes daily.
Reference:
Elon Musk is on the verge of losing his world’s richest person title
