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On the Forbes real time billionaires list, Bernard Arnault is placed at the 1st position with a wealth of $188.6 billion. While, Musk has now slipped to the 2nd spot with a total net worth of $178.6 billion.
However, as per Bloomberg Billionaires list Musk continues to hold the world’s richest person tag with a narrow margin of $1 billion. His wealth is estimated at $168 billion while that of Arnault is $167 billion as per the list.
The two billionaires have been swapping position at the top spot since last week.
Musk briefly lost his title as the world’s richest person on December 7, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm Twitter.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, with includes dozens of brands including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.
Musk’s wealth falls
Musk’s net worth dropped below $200 billion earlier on November 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Musk’s fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
(With inputs from agencies)
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