Elon Musk briefly loses world’s richest man’s title to Bernard Arnault

TIL Desk/Business/San Francisco/ Twitter owner Elon Musk briefly lost his position as the world’s richest man to Bernard Arnault, the chief executive of luxury brand Louis Vuitton‘s parent company LVMH on Wednesday. According to Forbes, Arnault and his family logged personal wealth of $185.4 billion, ahead of Musk which recorded a net worth of $185.3 billion, before reaching around $190 billion.

Musk’s wealth has fallen $100.5 billion so far in 2022, as per Bloomberg Billionaires Index. The Tesla CEO’s wealth eroded further after he bought Twitter for a whopping $44 billion. The 51-year-old’s net worth peaked at $340 billion in November last year. Tesla shares have plummeted around 58 per cent to date.

Musk’s net worth currently eclipses Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates. In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion. Meanwhile, Tesla shares are sliding, amid reports that Tesla will cut production at its Shanghai plant by 20 per cent in December.