Elon Musk, the owner of Tesla and Twitter, lost the title of the richest person in the world. Elon Musk, once worth $340 billion, was displaced by Bernard R. Nault as the world's richest man.
Forbes reported Thursday.
Real-Time Billionaire claims that Musk is no longer the richest person in the world, according to their list, he has overtaken Twitter and Tesla CEO. Bernard R. Nault, the CEO of French luxury brand LVMH. He became the richest man in the world. According to Forbes, Elon Musk is now worth $178 billion, while Arnault's fortune is $188 billion. Forbes noted on Wednesday that Arnault's rise is due to the fact that LVMH's stock has risen significantly this year.
While Musk has suffered a decline in Tesla's share, which is down 56% in 2022, Forbes said that Tesla's share could make a bigger difference. Forbes added that Musk's wealth will peak in November 2021. When it was worth $340 billion, Musk bought Twitter on October 27, 2022, for $44 billion, but many thought it was too expensive, so Musk recently decided to fund the purchase of Twitter. Sold about $4 billion worth of Tesla stock.
According to Wedbush Securities investor Dan Ives, the circus surrounding the Twitter transaction has undervalued Tesla stock.
He said in an interview that Musk has gone from superhero to villain in Tesla stock, as Musk sold blocks of Tesla shares worth $15.4 billion earlier this year.
Unlike Mr. Musk, Mr. Arnault is drama-free. Although he has always been among the wealthiest people, his fortune has never increased at the same rate as that of US IT billionaires.
Now that interest rates are increasing, his business is surviving while those like Mark Zuckerberg of Meta, Jeff Bezos of Amazon, Larry Page, and Sergey Brin of Alphabet are seeing their fortune eroded.
Musk's wealth is generally hard to quantify, but most of his money is invested in private companies, including Rocket Internet Farm, Space X, The Boring Company, and more.
And there's Neuralink, which wants to put computer chips in people's brains.
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