Elon Musk is about to lose his status as the world’s richest Code List

Musk completes million-dollar sale of Tesla shares 0:47

New York (CNN Business) — Elon Musk is about to lose his status as the world’s richest person, according to one metric.

On Wednesday, Musk briefly slipped to second place on Forbes’ list of “real-time billionaires,” putting the Twitter and Tesla chief executive behind Bernard Arnault, chief executive of French luxury brand LVMH, maker of Louis Vuitton. Cognac Vuitton and Hennessy. Forbes now estimates Musk’s net worth at $184.9 billion, just ahead of Arnault’s, estimated at $184.7 billion.

“The fortunes of the two men are nearly equal, separated by just $200 million, so it won’t be surprising if they continue to swing in Forbes’s ranking of the world’s richest,” Forbes noted.

The publication also said Arnault’s rise comes as LVMH shares are mostly flat this year, while Musk has experienced a “dramatic collapse of Tesla’s stock price,” which is down 56% in 2022. Musk’s strategy of partnering with right-wing influencers on Twitter may also be weighing on Tesla’s stock. Musk’s wealth peaked in November 2021, with an estimated value of $320 billion, according to Forbes.

Musk recently sold about $4 billion of Tesla stock to finance his $44 billion purchase of Twitter, which is mired in trouble including layoffs and advertisers wary of the platform’s leadership. Musk had sold blocks of Tesla stock worth a total of $15.4 billion earlier this year, when his deal to buy Twitter was announced.

However, estimating Musk’s overall wealth is a difficult task, since much of his money is invested in his private companies, including rocket and Internet company SpaceX, tunneling company The Boring Company, and Neuralink, which he wants to put chips in people’s brains.

Despite the losses, Musk is well ahead of third-place Indian billionaire Gautam Adani, with a net worth of $134.8 billion, and Amazon founder Jeff Bezos, whose net worth is estimated at $111.3 billion. of dollars. .

In the Bloomberg Billionaires Index, Musk ranks first with a net worth of $179 billion. Arnault is in second place, with a net worth of $165 billion. Yet Musk has lost about $13 billion this year, according to Bloomberg calculations. The list is updated daily after the market closes.

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