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Elon Musk has officially been dethroned from the top of Forbes’ annual “World’s Billionaire’s List”

    Elon Musk has officially been dethroned from the top of Forbes’ annual “World’s Billionaire’s List"

    According to CNN, Elon Musk has officially been removed from the top of Forbes’ annual “World’s Billionaires” list.

    The Tesla and Twitter chief is now the second richest billionaire with an estimated net worth of $180 billion, down $39 billion from last year. The top spot has been given to Bernard Arnault, chairman of French luxury goods company LVMH. In the last one year, his net worth increased by more than $ 50 billion to $ 211 billion.

    That shouldn’t come as a surprise to Elon Musk, whose position has been on Forbes’ “Real-Time Billionaires” list, which is updated daily, for the past several months, according to CNN. He and Arnault frequently switch places.

    However, his annual wealth has been tracked in Tuesday’s list. Forbes says Elon Musk’s wealth dwindled as a $44 billion Twitter purchase funded by Tesla shares spooked investors and sent Tesla stock plummeting last year. Tesla recovered much of those losses this year, but still far less than it was before Musk bought Twitter.

    Forbes noted that “Musk has mostly tweeted himself from the top position” as Tesla shares have declined 50% since the Twitter acquisition a year ago. SpaceX is a bright spot for the billionaire, the magazine notes, as its valuation has risen by $13 billion over the past year to $140 billion.

    Jeff Bezos lost the most at $57 billion, dropping him from second to third. And the loss can be attributed to Amazon’s shares losing nearly 40% of their value last year.

    For Arnault, Forbes said 2022 was the French’s “banner year” as the luxury conglomerate posted record-high profits, with LVMH shares rising 25% over the past year. And the patriarch has recently revealed the succession plan for his children.

    Forbes reported that the total number of billionaires on this year’s list fell to 2,640 (down from 2,668), marking a decline for the second year in a row.

    It’s been a rare year for the planet’s richest people, and nearly half the list is poorer than 12 months ago, but a lucky few are billions or tens of billions of dollars richer, said Forbes editor Chase Peterson-Wetthorne.

    More than 250 people from last year’s list were not on this year’s list, including Kanye West, who lost his Adidas deal, and embattled FTX founder Sam Bankman-Fried, who ended his career in one day. had lost. Career ruined. 94% lost property.

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