Roll out the tiny violins as I’ve got some tough news to share, Tesla boss Elon Musk is no longer the world’s richest man. I know, it’s truly heartbreaking to hear. According to a Forbes’ “real-time” ranking of the world’s 10 richest people, Musk has dropped to second place.
(Update, 12:04 p.m.: Elon is back to number one as of now, by a slim margin. Original story continues below.)
Musk, who currently lists himself as CEO of Tesla, SpaceX, and Twitter, and co-founder of Neuralink and The Boring Company on his resume, is worth an estimated $US184.6 ($256) billion dollars. But, Forbes reports that the “chief Twit’s” fortune has fallen by 2.4 per cent today.
That minor drop in fortunes for Musk is worth an estimated $US4.5 ($6) billion, which would be enough to feed millions of the world’s hungriest people this year.
Musk owns or controls about 20 per cent of Tesla stock, which accounts for a large proportion of his enormous wealth. But, the car company has seen its value drop in recent weeks. Right now, Tesla shares are down 56 per cent year to date.
The drop in value for the electric car maker has come as it struggles against competition in the space. Ford, Kia, Hyundai, and other legacy automakers have been launching their own EVs, which are cannibalising sales from Tesla.
The other big hit to Tesla’s value has come with all of Musk’s shenanigans at Twitter. The SpaceX boss purchased the social media platform for $US44 ($61) billion earlier this year and has since struggled to get it under control.
He announced comedy was back on the platform, before backtracking and banning impersonators. Then, he tried to charge for verification before realising that plan was flawed as well. It’s all been slowly chipping away at his reputation for good business.
So, now that Musk has just $US184.6 ($256) billion dollars to his name, who’s on top of the Forbes Rich List now? Well, that honour falls on Bernard Arnault and family, the billionaire boss of French luxury good maker LVMH.
Arnault is the brains behind Moët Hennessy Louis Vuitton, which markets fashion brands including Christian Dior, Tiffany, TAG Heuer, and whisky maker Glenmorangie. Arnault’s portfolio of luxury products puts him at $US185.5 ($258) billion and number one on the rich list… for now.