Elon Musk temporarily relinquishes his title as the world’s richest person to LVMH’s Arnault

Elon Musk, who owns Twitter and runs the electric car company Tesla (TSLA.O), was briefly no longer the richest person in the world on Wednesday, according to Forbes. This was because the value of his stake in Tesla dropped sharply and he placed a $44 billion bet on Twitter.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH (LVMH.PA), and his family briefly took the title as the world’s richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Elon Musk

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com (AMZN.O) founder Jeff Bezos.

Musk’s net worth has decreased by roughly $70 billion since he bid for Twitter in April, when Tesla’s market value dropped by nearly half. In October, Musk closed the deal for Twitter with $13 billion in loans and $33.5 billion in equity.

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

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