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Elon Musk is about to lose his title as the richest person in the world

After a sharp decline in the value of Elon Musk‘s investment in the electric vehicle manufacturer and a $44 billion wager on the social media company.

On Forbes’ list of “Real-Time Billionaires,” Musk briefly fell to second place on Wednesday, falling behind Bernard Arnault, CEO of French luxury brand LVMH, which produces Louis Vuitton luxury goods and Hennessy whiskey.

Elon Musk Wealth Declines

Forbes has now pegged Musk’s wealth at $184.9 billion, just $1 billion more than Arnault, who is thought to be worth $184.7 billion. It won’t be surprising if the two men continue to fluctuate in Forbes’ rankings of the world’s wealthiest,” Forbes noted.

The two men’s fortunes are nearly the same – separated by just $200 million. The article also claimed that Musk had experienced a “dramatic collapse of Tesla’s share price,” which is down 56% in 2022, while Arnault had benefited from LVMH’s shares remaining largely steady this year.

The way Musk interacts on Twitter with right-wing influencers may be having an effect on Tesla stock prices. According to Forbes, Musk’s wealth peaked in November 2021, when he was valued at $320 billion.

Twitter Acquisition

Elon Musk on the verge to lose his long-held title of the world's richest person | Social Media News

In order to pay for his $44 billion acquisition of Twitter, Musk recently sold off about $4 billion of Tesla stock. Twitter is currently facing problems like layoffs and wary advertisers concerned with the platform’s future. When the news of Musk’s purchase of Twitter first broke earlier this year, he had already sold blocks of Tesla shares for a total of $15.4 billion.

However, estimating Musk’s overall wealth is challenging because a large portion of his wealth is invested in his private businesses, such as the internet and rocket company SpaceX, the tunneling company The Boring Company, and the company Neuralink, which seeks to implant computer chips in people’s brains. Despite the losses, Musk is still far ahead of second- and third-placed billionaires Jeff Bezos and Gautam Adani of India, each of whom is worth an estimated $134.8 billion.

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