Elon Musk Loses World's Richest Man Title To Frenchman Bernard Arnault

NEW YORK: Elon Musk, the CEO of Twitter, saw his wealth decline by more than $100 billion in 2022, and has been displaced as the richest person in the world by French businessman Bernard Arnault, the head of Louis Vuitton's parent firm LVMH.

Musk, 51, is currently worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73, according to the Bloomberg Billionaires Index. Arnault, however, is ranked first with a net worth of $188.6 billion in Forbes' real-time list of billionaires. Musk, who has a total net worth of $178.6 billion, fell to second place.

After purchasing Twitter for a staggering $44 billion, the Tesla CEO's wealth continued to decline.

Early in November, investors sold their Tesla stock out of concern that Musk, the company's chief executive and largest shareholder, was more preoccupied with Twitter than with Tesla. As a result, Musk's net worth fell below $200 billion.

Despite the most recent global economic challenges, Bernard Arnault, the chief executive of LVMH, the parent company of luxury brands Louis Vuitton, Givenchy, and Kenzo, has continued to achieve robust revenue and profit growth.

The billionaire businessman Elon Musk is frequently in the headlines these days, particularly since he bought Twitter, a major social media platform. Due to his loss of the title of the world's richest person, Musk has grabbed headlines once more. Elon Musk has been around the top of the list for quite some time now, although not have the same lengthy reign as the former world's richest man Bill Gates.

Musk's bank account has been depleted as a result of buying Twitter for USD 44 billion. Musk managed to maintain the title of "richest" for a while even after the purchase, but there are indications that his status may no longer be as secure as it once was.

Investors who support Elon Musk have expressed worry ever since the drawn-out process of acquiring Twitter started. Investors were concerned, according to media sources, that the former world's richest person was overextending himself. Tesla, SpaceX, and other well-known enterprises are already led by Musk.

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