Elon Musk loses world’s richest man title

American billionaire Elon Musk, owner of the electric car maker Tesla and the social networking platform Twitter, has lost the title of the richest person in the world, to be succeeded by Bernard Arnault, CEO of the luxury LVMH group.

According to the “Bloomberg” classification of the largest wealth in the world, Arnault’s wealth amounts to 170.6 billion dollars, while Musk’s wealth has reached 163.1 billion dollars, knowing that his wealth has declined by more than 100 billion dollars since last January.

This is the first time that Musk has not topped the “Bloomberg” index since it fell to second place in September 2021.

This comes in a turbulent year for Musk, with the US Federal Reserve tightening monetary policies, which affected the decline in “Tesla” shares by 50 percent, as well as the loss of $ 10 billion since the signing of the Twitter acquisition deal.

Musk also lost the lead in the “Forbes” ranking last Monday, after losing $ 7.4 billion, or about 4 percent of his total wealth, so that his fortune fell to $ 181.3 billion, compared to $ 187.1 billion for his French competitor.

At the beginning of the year, Forbes estimated Musk’s net worth at $304.2 billion, which means that his wealth has declined sharply since that time.