Billionaire CEO of Tesla and Twitter, Elon Musk is no longer the world’s richest person, according to Forbes.
According to Forbes’ list published on Thursday, Musk dropped to the second spot on Forbes’ list of “Real-Time Billionaires,” putting him behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury goods and Hennessy cognac.
Musk’s wealth according to Forbes is now pinned at $183.6 billion, slightly below Arnault’s wealth estimated at $186.2 billion.
Forbes noted on Wednesday 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.
Musk recently sold off about $4 billion of Tesla stock to fund his $44 billion purchase of Twitter, which is embroiled with issues including layoffs and skittish advertisers wary of the platform’s direction. Musk had sold blocks of Tesla shares worth a total of $15.4 billion earlier this year when his deal to buy Twitter was announced.