Elon Musk’s net worth has already declined by more than $200 billion this year.
New Delhi:
Twitter and Tesla CEO Elon Musk today lost his title as the world’s richest person, according to a Forbes list that tracks the wealth of the world’s billionaires in real time. The steep fall in Mr Musk’s net worth was due to a drop in Tesla shares and a $44 billion bet on Twitter.
Bernard Arnault, chief executive of LVMH, the parent company of luxury brand Louis Vuitton, replaced Mr Musk, 51, as the world’s richest person.
Mr Arnault topped the Forbes list with a net worth of $185.3 billion. Musk, who has regained his No. 1 spot, has a personal fortune of $185.7 billion.
Elon Musk has held the title of the world’s richest person since September 2021, when he ousted Amazon founder Jeff Bezos in the rich list.
In 2022, Mr Musk’s net worth is already down by more than $200 billion as Tesla shares hit their lowest level in two years.
The electric-car maker is covered in large chunks of his fortune and is grappling with Covid-related restrictions in China, its biggest market outside the US.
Mr Musk has also been busy with Twitter, the social media network he acquired last month for $44 billion. The company has lost about 60% of its employees since Musk took over. Investors are questioning whether the billionaire is spreading himself too thin between his various high-profile ventures.
Besides Tesla and Twitter, Mr Musk also heads the rocket company SpaceX and Neuralink, a startup developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
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