Elon Musk can become the second-richest person in the world

 

Elon Musk, the new CEO of Twitter, can become the second-richest person in the world. He can lose his title as the world's richest person to Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH.

According to Forbes, Musk lost his wealth because Tesla shares went down and he purchased the social media giant for $44 million.

Bernard Arnault can become the richest person in the world, with a net worth of $185.3 billion. According to Forbes, Musk’s net worth is just $185.7 billion. Musk dropped to the second spot on Forbes’ list of “Real-Time Billionaires” on Wednesday. Forbes reportedly noted, “The two men’s fortunes are nearly the same. It won’t be surprising if they continue to flip-flop in Forbes’ rankings of the world’s wealthiest.”

Musk has held the title of the world's richest man since September 2021. This year, he sold his $4 billion of Tesla stock to fund his $44 billion purchase of Twitter. According to Bloomberg Billionaires Index, Musk holds around a 15 per cent stake in Tesla. The decline in the stock price of Tesla has affected his wealth. According to The Guardian, Tesla’s value dropped about 46 per cent in 2022. Musk’s wealth mostly comes from the stocks and ownership of Tesla, SpaceX and Twitter.

On Bloomberg’s Billionaires Index, Musk is the richest person in the world, with a net worth of $179 billion. However, he has lost about $13 billion this year, according to Bloomberg.

Twitter has also lost about 60 per cent of its workforce since Musk took over. Top advertisers also pulled back from the social media platform and investors raised concerns over Twitter’s ability to tackle hate speech.

This year, the Tesla CEO was in the limelight for various issues. He also became the seventh most searched celebrity of 2022, according to Google.