By Basit Jamiu
Elon Musk, the CEO of Twitter and Tesla, has dropped to second place in the recent world richest ranking by Forbes, a reputable business magazine.
The ranking, which was announced on Friday, shows that the entire worth of the Tesla boss is currently at $183.6 billion.
According to Forbes, someone else is worth more and his name is Bernard Arnault.
The CEO of French Luxury and producer of Louis Vuitton is currently the world’s richest man according to the prestigious magazine.
His net worth stands at $186.2 billion, edging over the former holder of the first position with over $3 billion.
Arnault has always been spotted among the five richest billionaires list. Over the years, he has consistently been pushing forward and making the right investments.
The CEO of Twitter has been the world’s richest man since 2020 and has consistently maintained the position until recently.
Forbes said that Musk’s wealth has reduced by 56% this year due to a “collapse in share price”. It has affected his business. Despite the huge loss of fortune, the CEO of SpaceX has been doing fairly well.
Also, buying Twitter for $44 billion and selling off a Tesla stock worth $4 billion may have contributed to the collapse in net worth.
The French business magnate is currently 73 years old and is still married to his second wife, Anne Dewavrin 31 years after he divorced his first wife, Helen Mercier in 1991.
Bernard Arnault manages 70 fashion and cosmetics brands, including Louis Vuitton and Sephora. He acquired American jeweler Tiffany & Co, considered as his biggest luxury brand ever, for $15.8 billion, in 2021.
Arnault inherited his father’s wealth in the 70s just like Musk and had reinvested it in fashion luxury. His smart investment and management of his $10 billion inheritance has catapulted its worth to $186 billion.
