According to a new report from Forbes, American billionaire Elon Musk is no longer the richest man in the world. "The Tesla chief was overtaken for the third time in two days by Bernard Arnault of French luxury conglomerate LVMH.
When U.S. markets closed at 4:00 p.m ET, Musk still ranked as the world’s second richest person, with an estimated net worth of $185 billion—$1.2 billion less than Arnault’s $186.2 billion at the time." writes Forbes.
Forbes cited a large drop in the value of Musk's stake in the Tesla company, as well as the purchase of Twitter for $44 billion, as the reason for loosing the first spot. “The Tesla margin loan for Twitter remains an albatross over the Tesla story,” said Wedbush analyst Dan Ives.
From 2017 to 2021, Tesla's revenue jumped to $54 billion.
"I built these two companies and it was extremely difficult to build them," Musk told the conservative satire site Babylon Bee in December 2021, referring to Tesla and Space X.
"Rewarding, too, but massively difficult ... and I didn't sell the stock in the companies." He added, "My sort of impression was that you shouldn't take money off the table — or stock off the table — that a captain should go down with their ship." Musk was the richest man in the world as of September 2021, but has now been surpassed by Bernard Arnault, the director of LVMH, the parent company of the luxury brand Louis Vuitton.
Musk's current fortune is estimated at $185.3 billion, while Arnault owns $185.4 billion. Last year, Musk took over the title from the former richest man in the world, Amazon founder Jeff Bezos. However, his fortune fell below $200 billion last month after he began to divest himself of Tesla stock amid concerns that he would not be able to focus on his role as the company's chief executive due to its purchase of Twitter.