Elon Musk Is Now The World's Second Richest Man. New No. 1 Is...
NDTV
Elon Musk, 51, has seen his fortune tumble by more than $100 billion since January to $168.5 billion, according to the Bloomberg Billionaires Index.
Elon Musk, once worth as much as $340 billion, has been displaced as the world's richest person by Bernard Arnault.
Elon Musk, 51, has seen his fortune tumble by more than $100 billion since January to $168.5 billion, according to the Bloomberg Billionaires Index. As of 10:20 a.m. in New York, that's less than the $172.9 billion net worth of Arnault, 73, whose wealth largely derives from his 48% ownership of fashion giant LVMH.
Musk's fall from atop the rankings - the first time that's happened since he was No. 2 in September 2021 - caps a tumultuous year for the frenetic billionaire. He shocked the world in April with his offer to take Twitter private for $44 billion, in a brazen display of how the wealthiest individuals could wield their massive fortunes.
But his agreement coincided with the Federal Reserve and other central banks embarking on their most aggressive round of monetary tightening in a generation, slashing the valuations of high-flying companies like Musk's Tesla Inc. The electric carmaker's stock is down more than 50% this year.
