Elon Musk was briefly stripped of his title as the world’s richest man on Wednesday after months of tumult on Twitter and various other business interests.
Bernard Arnault, the CEO of the French luxury goods firm LVMH, temporarily overtook Musk. Forbes real-time billionaires list. LVMH subsidiaries include Louis Vuitton and Moët & Chandon.
But Musk regained his lead by the end of the trading day, with an estimated fortune of $185.4 billion. According to Forbes, Arno’s fortune, which increased to 185.8 billion dollars, fell to 184.7 billion dollars.
The third place in the Forbes list was taken by Indian infrastructure magnate Gautam Adani, the third place was taken by the founder of Amazon, Jeff Bezos, and the head of Berkshire Hathaway, Warren Buffett.
Musk has been at the top of the Forbes list since last September. His wealth reached an all-time high of $320.3 billion on November 4, 2021.
Shares in his electric car maker Tesla fell nearly 6 percent to $174.04 on a day when Musk’s fortunes plummeted. Shares of Tesla, which make up the bulk of Musk’s estimated fortune, have fallen nearly 60 percent since January as recession fears and macroeconomic uncertainty gripped investors.
The tech entrepreneur’s fortunes plummeted For more than 100 billion dollars Tesla shares have fallen sharply this year. His fortune has fallen by about $70 billion since he first filed to buy Twitter in April.
Tesla investors have expressed frustration over the media hype surrounding Musk’s $44 billion acquisition of Twitter, which he completed in October. Musk sold Tesla shares several times to finance the acquisition.
In addition to running Tesla and Twitter, Musk founded the brain chip firm Neuralink and led the tunnel boring companies Boring Company and Space X.
Musk has faced mixed public reaction as he overhauls Twitter, with critics questioning his decision to roll back layoffs and content moderation practices. This week, billionaire Twitter faced renewed scrutiny over reports that it had installed bedrooms in its offices.