Controversial businessman Elon Musk is no longer the richest person alive. He has slipped to second place behind Bernard Arnault. Musk has seen his net worth tumble by more than $100 billion this year.
Remarkably, his net worth is still $168.5 billion. At his peak, Musk was worth as much as $340 billion.
Musk, the CEO of Tesla, had to sell approximately $15 billion in Tesla shares to acquire Twitter earlier this year. Musk bought the social media giant for $44 billion, a deal that was eventually concluded in October.
Additionally, Tesla shares are down over 50% year to date. With much of Musk’s fortune in Tesla, he has seen his net worth plummet this year.
Musk has swapped places with Bernard Arnault, whose net worth is $172.9 billion. Arnault oversees the LVMH empire of about 70 fashion and cosmetics brands, including Louis Vuitton and Sephora. At 73 years old, he is significantly older than 51-year-old Elon Musk.
Musk’s Net Worth
With most of Musk’s net worth locked up in Tesla stock, an upward move in stock price could see Musk rocket back to the number one spot.
Musk has been sitting pretty as the world’s richest person since September 2021, when he overtook Amazon CEO Jeff Bezos as the world’s richest man.
Tesla’s stock price rose more than 1000% in two years, rocketing Musk to the top of the wealth ladder. Musk is currently the largest Tesla shareholder, with a 14% stake in the EV manufacturer.
Musk is also the CEO of Space X and the founder of Neuralink, OpenAI, and The Boring Company. Rounding out the top 5 richest people in the world are Gautam Adani, Jeff Bezos, and Bill Gates.