Tesla CEO Elon Musk is no longer the richest man in the world after the billionaire’s $44 billion investment in Twitter and the decline of the value of his holdings in the electric car company.
According to Forbes magazine report, Bernard Arnault, the CEO of luxury brand Louis Vuitton’s parent firm LVMH, has surpassed Musk, who has occupied the top spot on the Forbes list since September 2021. As reported, Arnault’s personal wealth is now $185.4 billion, whereas Musk’s net worth is $185.3 billion.
Jeff Bezos, the founder of Amazon, lost the title of richest man in the world to Elon Musk in 2021.
After investors started selling their Tesla stock last month over concerns about Musk’s ability to concentrate on his duties as the firm CEO after acquiring Twitter, his net worth fell below $200 billion.
Some crypto enthusiasts believed that Musk, who is a known endorser of dogecoin, could be planning to make Twitter a Web3 company after his takeover of the social media platform.