Tech entrepreneur Elon Musk has dropped to second on the super-rich list. In the ‘Bloomberg Billionaires’ and ‘Forbes’ rankings, the previous leader took second place on Wednesday behind French entrepreneur Bernard Arnault of the luxury goods group LVMH. According to Bloomberg news agency, Musk lost the title of the richest person in the world for the first time since 2021.
According to Bloomberg estimates, Musk’s personal wealth has fallen by more than $100 billion since January to $163.6 billion. Arnault’s fortune is estimated by Bloomberg at $170.8 billion. The 73-year-old is chairman of the French luxury empire LVMH, which includes fashion icons such as Dior and Louis Vuitton and champagne brands such as Moët & Chandon.
Musk is also well behind Arnault ($188.6 billion) in the “Forbes” list – krone.at reported – with an estimated net worth of $176.8 billion. The information in the billionaire charts is mostly based on publicly available information about assets such as stocks, real estate, artifacts and other luxury goods. They are therefore not exact and sometimes controversial.
Twitter purchase ripped a hole in the stock market
One of the reasons the 51-year-old tech billionaire dropped in the rankings was the purchase of the short message service Twitter, according to Bloomberg. Shares of electric car maker Tesla are also down more than 50 percent this year, the company said.
Musk bought Twitter for about $44 billion at the end of October. The service was already in the red before the takeover. After the sale, Musk complained of a drop in sales as some major advertisers suspended ads on the platform. They fear their ads could appear next to offensive tweets if Musk relaxes the rules, as announced.
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.