Bernard Arnault and his family, who own luxury goods company LVMH, surpassed Musk on the list early this week as Tesla shares fell sharply while the LVMH stock price rose.
According to Forbes, Musk’s net worth as of Tuesday was $176.8 billion, while Arnault’s was $186.6 billion.
Many clothing and luxury brands are subsidiaries of Arnault’s company, including Sephora, Birkenstock, and Tiffany & Co.
Musk’s fortune is largely tied to Tesla, which has caused him to lose billions as the company’s stock fell 6.3 percent on Monday and another 4.1 percent on Tuesday.
According to Forbes, he owns approximately 25% of the electric car company through stock and options.
Tesla’s market capitalization has dropped by more than half this year, after the company’s financial successes fueled Musk’s ascension to the top of the list.
However, as Musk moved closer to acquiring Twitter, Tesla’s share price began to plummet in mid-September. Musk’s $44 billion acquisition of the social media company included loans collateralized by Musk’s Tesla stock holdings.
He also runs the private space company SpaceX and the Boring Company, which aims to eliminate traffic.
Musk has stated that he did not buy Twitter to make money, but rather to “create a digital town square.”
Since closing the deal in late October, he has laid off more than half of the social media company’s staff and implemented new content moderation policies that have enraged liberals and many civil rights organizations.
Musk’s net worth is still more than $40 billion greater than the third-placed Indian industrialist on Forbes’ list, Gautam Adani. With a net worth of $115.7 billion, Amazon founder Jeff Bezos ranks fourth on the list.
How Much Money did Elon Musk Lost in 2022?
Musk’s net worth peaked at $340 billion in November 2021. According to Bloomberg, Musk is the first person in history to lose $200 billion in wealth. The majority of Musk’s fortune is invested in Tesla (TSLA), whose stock dropped 65% in 2022.
Did Elon Musk Lost 200 Billion in 2022?
On December 31, the CEO of Tesla Inc. became the first person in history to have their net worth reduced by $200 billion. Musk’s fortune has dropped to $137 billion as Tesla shares have fallen in recent weeks, including an 11% drop on December 27, according to the Bloomberg Billionaires Index.
