Twitter and Tesla CEO Elon Musk is no longer the world’s richest man after being usurped by LVMH chairman and CEO Bernard Arnault.
According to Forbes’ real-time billionaire list, the 51-year-old’s net worth fell by $4.5 billion (-2.9%), while Arnault, who presides over some 70 fashion and cosmetics brands, added $849 million (-2.9%). 0.46%) .
Arnault’s net worth is listed on the Forbes list at $187.3bn (£151.1bn).
Musk’s real-time net worth of $176.8bn (£142.6bn) is largely based on his 25% stake teslabut the stock closed down 6.87% today.
Shares in the car company have more than halved their value this year after Musk bought Twitter for $44bn (£35.5bn), partly as a sell-off accelerated, with him selling around $4bn (£3.2bn), according to CNBC. bn) or Tesla stock.
The businessman’s wealth will peak in November 2021, when he will be worth $320bn (£258bn), Forbes said.
LVMH CEO Bernard Arnault
The Bloomberg Billionaires Index, updated Wednesday, uses a slightly different methodology and ranks Musk’s wealth behind Arnault’s.
Musk has been the world’s richest man since September 2021, succeeding Amazon CEO Jeff Bezos.
Much of Musk’s fortune is tied to his private companies, including rocket and internet company SpaceX, infrastructure and tunnel-building services company The Boring Company, and Neuralink, which hopes to implant computer chips into the human brain.
SpaceX, formerly known as Space Exploration Technologies, has a market capitalization of about $140 billion (£112.9 billion), according to Bloomberg, and dominates the market for commercial space launches.
Musk falls shortly after global wealth ranking Meet “a lot of boos” Embarrassed on stage at Dave Chappelle’s Comedy Show in San Francisco.
In a video posted on the tycoon’s Twitter account, Chappelle can be seen asking viewers to “speak out for the world’s richest man”.
They quickly agreed, though most likely not in the way either of them intended. To interrupt the hostile reaction, Musk stood awkwardly or walked up and down the stage for most of the five-minute appearance.
In a now-deleted tweet, Musk insisted that the crowd was “90% cheering” and “10% booing” for offending the “unhinged left in San Francisco.”
No matter where you get the podcast, you can click to subscribe to Sky News Daily
The day after he appeared with Chappelle, Twitter dissolve its trust and safety committeewas founded in 2016 to address hate speech, child exploitation, suicide, self-harm and more on the platform.
Shortly after buying Twitter for $44 billion in late October, Musk said he would form a new “content review board” to help make major decisions, but later changed his mind.
last week, Three council members announce their resignations In a public statement posted on Twitter, it said that “contrary to claims by Elon Musk, the safety and well-being of Twitter users is declining”.