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Elon Musk briefly loses title as world’s richest man

Elon Musk, owner of Twitter and CEO of Tesla (TSLA.O), briefly lost the title of richest man in the world on Wednesday, according to Forbes, due to a sharp decline in the value of his share in the electric-car manufacturer and a $44 billion wager on the social media company.

According to Forbes, after a brief reign as the richest people in the world, Bernard Arnault and his family, who run the parent company of luxury brand Louis Vuitton, LVMH (LVMH.PA), fell to No. 2, with a personal fortune of $185.3 billion.

With a net worth of $185.7 billion, Musk has topped the Forbes list since September 2021. Jeff Bezos, the founder of Amazon.com (AMZN.O), was succeeded by Musk in the position.

Tesla CEO Musk and CDU party leader Laschet tour the Tesla Gigafactory building site in Gruenheide, close to Berlin.
Tesla shares were down 2.7% despite having lost more than 47% of their value since Musk announced his approach to purchase Twitter earlier this year.

Earlier on November 8, investors sold off shares of Tesla, fearing that Musk, the company’s chief executive and major shareholder, was more focused on Twitter than on Tesla’s business. As a result, Musk’s net worth fell below $200 billion.

Since Musk’s offer for Twitter in April, Tesla’s market value has decreased by about half, and his personal wealth has decreased by almost $70 billion. With a commitment of $33.5 billion in equity and $13 billion in loans, Musk completed the acquisition of Twitter in October.

Along with Tesla, Musk is the CEO of Neuralink, a start-up that is creating ultra-high bandwidth brain-machine interfaces to link the human brain to computers, and rocket business SpaceX.

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.

Musk holds a commanding first-place position on Bloomberg’s Billionaires Index with a net worth of $179 billion. With a net worth of $165 billion, Arnault is in second place. Musk, however, has lost roughly $13 billion this year, according to calculations made by Bloomberg. Each day after the market closes, that list is updated.

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