Elon Musk lost world's richest person title to LVMH's Arnault

After a wealth plunge for almost $100 billion this year, Twitter owner and Tesla Inc boss Elon Musk lost his title as the world's richest person.

Musk dropped to the second spot on Forbes’ list of “Real-Time Billionaires,” putting the Twitter and Tesla CEO behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac. Forbes now pins Musk’s wealth at $183.6 billion, slightly below Arnault’s wealth estimated at $186.2 billion.

Forbes noted that Arnault’s ascent is because LVMH’s stock is mostly flat this year, while Musk has experienced a “dramatic collapse of Tesla’s share price,” which is down 56% in 2022. Musk’s strategy of cavorting with right-wing influencers on Twitter may also be impacting Tesla shares as well. Musk’s wealth peaked in November 2021, when he was worth $320 billion, Forbes said.