Elon Musk Loses The Title Of Richest Person In The World. Know Who Now Tops The List

Elon Musk is being replaced by French businessman Bernard Renault, the boss of the luxury brands company LVMH

According to the Bloomberg Billionaires Index, Musk’s wealth has tumbled by more than $100 billion since January to $168.5 billion.

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Elon Musk, the CEO of Tesla and Twitter, has lost the title of the world’s richest person. According to the Bloomberg Billionaires Index, Musk’s wealth has tumbled by more than $100 billion since January to $168.5 billion.

On Monday, Forbes reported that Tesla’s shares closed down 6 per cent, shaving $7.4 billion off Elon Musk’s fortune. By the day's end, his wealth was estimated to be around $181.3 billion, according to the report. 

Elon Musk is being replaced by French businessman Bernard Renault, the boss of the luxury brands company LVMH. According to Bloomberg, Arnault’s net worth is around $172.9 billion. The 73-year-old fashion giant's wealth largely derives from his 48 per cent ownership of LVMH.

In September 2021, Musk replaced Amazon founder Jeff Bezos for the top spot. 

Musk also owns more than 40 per cent of SpaceX’s shares, which have been tumbling downward ever since he bought microblogging platform Twitter in a $44 billion bid. Reportedly, Tesla investors are worried that Musk has concentrated a lot of his focus on Twitter.

As Musk took over Twitter in October, the Bloomberg wealth index knocked $10 billion from his fortune, reflecting that shares of similar businesses have slumped since he made his bid. He pledged to turn around Twitter. Even as other companies were already pulling their advertising from Twitter, he blasted Apple Inc. and threatened to withhold Twitter from its App Store. 

The new richest person in the world Bernard Renault has been around in the fortune list for some time. Although his wealth never grew at the exponential pace of tech billionaires. Arnault runs the world’s largest luxury brands conglomerate. This includes companies such as Louis Vuitton, Tiffany, Celine, and Tag Heuer.