Elon Musk has long been the richest man in the world. But now, he has fallen from that position, according to the latest list released by Forbes. Who overtook him?
As quoted by us, from CNBC, the continued decline in Tesla's stock price has made Elon Musk's wealth plummet. Musk's wealth increased rapidly as Tesla's stock rose more than 1,000% in 2 years.
But that time has passed. Once above USD 250 billion, at this time, Musk's latest wealth is USD 181.3 billion, aka decreased quite a lot.
Thus, the man born in South Africa is in the second position of the world's richest man. He was overtaken by fashion tycoon from France, Bernard Arnault and his family with a current wealth of USD 186.2 billion.
Arnault is the owner of luxury fashion conglomerate LVMH Moet Hennessy Loys Vuitton. The company oversees many luxury brands such as Christian Dior, Fendi, Givenchy and TAG Heuer.
Meanwhile, according to FactSet data, Elon Musk currently owns 14.11% of Tesla shares, where the electric car company has a market value of USD 530 billion. Musk also owns more than 40% of SpaceX, a spacecraft company whose valuation is estimated at USD 125 billion as of June 2022.
It should be underlined that because the wealth of the tycoons is based on stock price movements, their positions can change quickly. As for the Forbes list, in third place is Gautam Adami, an Indian conglomerate with assets of around USD 134.1 billion. Following behind is Amazon founder Jeff Bezos, with an estimated net worth of $113.8 billion.