Elon Musk Lost the Crown: According to some estimates, Elon Musk may soon no longer be the wealthiest individual on the planet. After briefly taking the top spot on Forbes’ list of “Real-Time Billionaires” on Wednesday, Musk temporarily fell to second place, behind Bernard Arnault, CEO of French luxury firm LVMH, manufacturer of Louis Vuitton luxury goods and Hennessy cognac.
Forbes now estimates Musk to be worth $184.9 billion, edging out Arnault’s $184.7 billion. Forbes remarked that because the two individuals have nearly identical fortunes ($200 million separates them), it is not surprising that they continue to switch places in the ranks of the world’s wealthiest.
According to the article, Arnault rose to prominence because LVMH’s stock has been relatively stable this year, in contrast to Musk’s “dramatic collapse of Tesla’s share price,” which is down 56% so far in 2022.
It’s possible that Musk’s approach of cavorting with right-wing personalities on Twitter is having an effect on Tesla stock. According to Forbes, Musk’s net worth hit $320 billion in November of 2021.
Musk has lately liquidated approximately $4 billion in Tesla shares to finance his $44 billion acquisition of Twitter, which is beset by problems such as layoffs and hesitant advertising from companies concerned about the platform’s future.
At the time Musk announced his plan to acquire Twitter, he had already made a deal to sell chunks of Tesla stock valued at about $15.4 billion.
The majority of Musk’s wealth is invested in his private companies like SpaceX (a rocket and internet company), The Boring Company (a tunnelling operation), and Neuralink (a company that aims to implant computer chips in people’s brains), making it difficult to estimate his overall wealth.
Even with the setbacks, Musk is still richer than both Amazon’s Jeff Bezos and the third-ranked Indian billionaire Gautam Adani, whose fortune is valued at $134.8 billion and $111.3 billion, respectively.
With a net worth of $179 billion, Musk ranks #1 on Bloomberg’s Billionaires Index. With a net worth of $165 billion, Arnault is in second place. If Bloomberg’s estimates are correct, though, Musk has lost around $13 billion this year. Each day as the market closes, that list is updated.
Who replaced Elon Musk as the world’s wealthiest person?
Bernard Arnault has surpassed Elon Musk as Forbes’s richest person, the magazine reports. He currently serves as CEO of Louis Vuitton Moet Hennesy, the parent company of Louis Vuitton (LVMH). Bernard Arnault, now 73 years old, joined the company he now heads in 1987.
The mainstream media’s relentless attacks on Elon Musk is insane.
— Johnna Crider (@JohnnaCrider1) December 6, 2022
His personal riches increased dramatically as a result of the 500% increase in the company’s sales profits. His labels are now widely recognised as some of the best in the luxury goods industry. Mr Arnault’s LVMH portfolio includes some of the world’s most prestigious and prestigious-looking brands.
Elon Musk just lost the title of the richest person in the world to Bernard Arnault & family – Forbes pic.twitter.com/R01go70uNF
— StockMKTNewz – Evan (@StockMKTNewz) December 7, 2022
To name just a few, we have Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer watches, Bvlgari, Tiffany & Co., Hennessy, Moet, and the house’s own Louis Vuitton as the main brand.
Bernard Arnault overtook Elon Musk again—for the second time today—to become the world’s richest person. He was worth an estimated $184.7 billion, with Musk trailing him by $100 million, worth $184.6 billion. https://t.co/bawfpy8AZC
— Forbes (@Forbes) December 7, 2022
Arnault could not have amassed his fortune and become the world’s richest person without such brands. But keep in mind that Musk’s purchase of Twitter is what made all of this possible.
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