Twitter and Tesla CEO- Elon Musk, lost his title as the world’s richest person, according to the Forbes list that tracks the wealth of the world’s billionaires in real-time. The steep drop in Elon Musk ‘net worth was due to Tesla shares going down and a $44 billion bet on Twitter. Elon Musk has been displaced as the world’s richest man by Bernard Arnault.
Elon Musk held the title of the world’s wealthiest man since September 2021, when he overtook Amazon founder Jeff Bezos. This April Musk shocked the world with his offer to take Twitter private for $44 billion, in a brazen display of how the wealthiest individuals could use their huge fortunes.
Elon Musk has pledged that he would turn around the social-media platform, but he faces many challenges.
He tried for months to get out of the Twitter deal, but failed. He offloaded more than $15 billion in Tesla shares – about $8.5 billion in the month of April, then another $6.9 billion in August month , to raise enough cash to fund purchase.
Bernard Arnault made his fortune building world’s largest luxury conglomerate, which includes brands like Louis Vuitton but also Tag Heuer, Tiffany, and Celine.
According to Forbes- Arnault, through holding vehicles and family trusts, owns a little over 60% of LVMH’s voting share class. Bernard Arnault, is worth $186.2 billion.
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