Elon Musk is on the verge of dropping his reputation as the world’s richest man, at least in line with a metric.
As at Wednesday December 2022, Musk dropped to the second spot on Forbes’ list of “Real-Time Billionaires,” setting the Twitter and Tesla CEO behind Bernard Arnault, CEO of French luxury brand LVMH, maker of Louis Vuitton luxury items and Hennessy cognac.
Forbes now pins Musk’s wealth at $184.9 billion — just barely ahead of Arnault’s wealth estimated at $184.7 billion.
“The two men’s fortunes are nearly the same – separated by just $200 million – so it’s obvious they will continue to flip flop in Forbes’ rankings of the world’s wealthiest,” according Forbes.
The publication also said that Arnault’s rise is due to the fact that, LVMH’s stock is in most cases flat this year, even as Musk has experienced a “dramatic disintegrate of Tesla’s proportion price,” that is down 56% in 2022.
Musk’s method of cavorting with right-wing influencers on Twitter will also be impacting Tesla shares as nicely. Musk’s wealth peaked in November 2021, when he became worth $320 billion, Forbes said.
The Tesla CEO recently sold off approximately $4 billion of Tesla inventory to fund his $44 billion purchase of Twitter, which is embroiled with troubles which includes layoffs and skittish advertisers cautious of the platform’s direction. Musk had bought blocks of Tesla shares worth a total of $15.4 billion in advance this year when his deal to buy Twitter was officially announced.
Estimating Musk’s wealth in general is a difficult task, however, as much of his money is tied up in his private companies, including rocket and internet firm SpaceX, tunneling outfit The Boring Company, and Neuralink, which wants to put computer chips in people’s brains.
Despite the losses, Musk is well ahead of third-place Indian billionaire Gautam Adani, who is worth $134.8 billion and Amazon founder Jeff Bezos, whose wealth is estimated at $111.3 billion.
On Bloomberg’s Billionaires Index, Musk is solidly in first place with a net worth of $179 billion. Arnault sits in second with a $165 billion net worth. However, Musk has lost about $13 billion this year, according to Bloomberg’s calculations. That list updates daily after the market closes.