Elon Musk Briefly Loses The Title Of World's Richest Person To Louis Vuitton's Bernard Arnault

In a year that has already seen his net worth suffer a mammoth $100 billion fall, Twitter, Tesla, and SpaceX¡¯s CEO, Elon Musk, briefly lost his title as the world's richest person on Wednesday, according to Forbes.

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This comes after a steep drop in the value of Musk's stake in electric-car maker Tesla, a bloodbath in Tesla share price this year, and the much-talked-about $44 billion deal that saw him take over Twitter.

Louis Vuitton's Bernard Arnault Briefly Overtakes Elon Musk

But who did he lose the title to? It¡¯s Bernard Arnault, the CEO of luxury brand Louis Vuitton's parent company LVMH, and his family, who briefly took the title as the world's richest. However, according to Forbes' real-time list of billionaires, they quickly returned to No. 2 with a personal wealth of currently $184.7 billion. According to Forbes, Arnault logged net worth of 185.4 billion briefly, ahead of Musk's 185.3 billion yesterday. Musk later reclaimed the number 1 rank.

Elon Musk, who has held the top spot on the Forbes list since September 2021, currently has a net worth of $185.4 billion. Musk succeeded Amazon founder Jeff Bezos in the position.

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Tesla shares have lost more than 47% of their value since Musk made his offer to buy Twitter earlier this year, as per a Reuters report. Overall, its stock is down more than 56% this year.

Also Read: Timeline Of Elon Musk-Twitter's $44 Billion Deal

The Fall Of Elon Musk's Networth

Elon Musk's net worth dropped below the $200 billion mark for the first time on November 8 this year when investors dumped Tesla's shares. This worries the top executive and largest shareholder of Tesla, i.e., Musk, who is more preoccupied with Twitter. Musk's $56 billion Tesla pay package was also questioned in court last month.

Tesla's market value has already dropped by nearly half, and Musk's net worth has dropped by approximately $70 billion since his bid for Twitter in April, and by approximately $100 billion this year to date. According to the report, Musk closed the $ 44 billion Twitter deal in October with $13 billion in loans and a $33.5 billion equity commitment.

Musk has also sold his shares three times this year, the most recent one shortly after completing the takeover of Twitter in late October. He also donated $5.7 billion worth of Tesla stock to charity earlier this year.

Also Read: Elon Musk Says Tesla Will Be Worth More Than Apple And Saudi Aramco One Day

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