Elon Musk, Twitter and Tesla CEO, briefly lost his title as the world’s richest person on Wednesday, according to the Forbes list that tracks the wealth of the world’s billionaires in real-time.
With US tech stocks sliding as interest rates and recession fears rise, Musk’s fortune briefly fell below that of the Arnault family.
However, by 5.30 p.m., Musk was back on top, but with a $3.8 billion loss, the most for the day among listed billionaires, Reuters reports.
According to Forbes, Elon Musk’s current wealth is $184.9 billion, and Arnault and his family are at $184.7 billion.
This means for the first time since September 2021, Elon Musk’s position as the world’s richest man is seriously under threat. At his peak, Musk was worth $340 billion, according to the Bloomberg Billionaires Index.
Arnault added a few hundred million dollars to his fortune Wednesday morning, as shares of his luxury conglomerate inched upward. But with LVMH’s stock flat this year, Arnault owes his renewed status as the world’s richest person mainly to the dramatic collapse of Tesla’s share price. That pushed down the Tesla CEO’s net worth, which peaked at $320 billion in November 2021, after car rental giant Hertz announced a large order from the electric vehicle maker.