Elon Musk is no longer the world’s richest person

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Elon Musk has been knocked down a peg on the list of the world’s richest people, according to both Forbesand BloombergBernard Arnault, European luxury fashion scion, has taken the top spot.

His wealth decreased in recent days due to a decline in shares of Tesla, his electric car company.

He is, however, unimaginably wealthy. Musk has a net worth of about $177 billion, second to Arnault’s roughly $189 billion, per Forbes.

Bloomberg made Musk’s No. Bloomberg made Musk’s No. 2 status official Tuesday, while Forbes did the same Monday. Both outlets keep lists of people who have amassed more wealth than anyone else on Earth.

Musk, like many other executives, is paid in large stock awards. This means that his net worth is partly subject to the market’s whims. He was one of the most successful investors in the world after Tesla stock began its upward spiral in 2020. The stock currently trades at $160 per share, a drop from its peak of over $400 in November 2021.

Some critics say that Musk’s interest In Twitter is at least partially to blame for Tesla’s decline. He appears determined make the social media giant again. a welcoming home For once-banished right wing extremists and he has fired about half of the company while scaring away advertisers in droves.

The world’s current richest person, Arnault, heads up LVMH Moët Hennessy Louis Vuitton SA., which owns the iconic handbag-maker included in its name, along with Dior, Fendi, Givenchy, Tiffany & Co., Sephora and other global brands.

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