Elon Musk, CEO of Tesla, Twitter and SpaceX, has officially been overtaken as the richest person in the world.
According to the Forbes’s real-time billionaires list, Bernard Arnault, chair and CEO of the LVMH fashion empire, has surpassed Musk as world’s wealthiest person as of Monday’s market close.
Musk’s net worth currently totals $177.5 billion, according to Forbes, while Arnault’s net worth is $188.6 billion.
A large amount of Musk’s wealth is tied to shares of Tesla
TSLA,
and he has seen his wealth decline in tandem with the recent drop in the price of the electric-car maker’s stock. Over the past month, Tesla shares are down 16.64%, and they are down 44.52% over the last three months.
LVMH Inc.
MC,
owns fashion brands including Louis Vuitton, Sephora and Tiffany. Arnault’s net worth has more than doubled since 2020.
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Musk replaced Amazon
AMZN,
founder Jeff Bezos atop the Forbes list in April 2022. The two men have had traded places at the top of the list on several occasions.
Total wealth analysis is not an exact science and cannot account for every single asset and liability an individual has. According to Bloomberg’s Billionaires Index, a different tracker of net worth, Musk still holds what it calls a “slight” lead of $1 billion in net worth over Arnault.
The bumping of Musk from the top of Forbes’s list comes as the mercurial CEO is making big changes at Twitter, including the reintroduction of Twitter Blue. He completed his purchase of the social-media platform in October.
According to Forbes, there are 2,668 billionaires in the world in 2022, 87 fewer than there were in 2021.