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Elon Musk Is No More The Richest Man (Check Out Who OverThrew Him)

The CEO of Tesla and Twitter has temporarily lost his title as the richest person in the world on Wednesday, 14 months after first unseating Jeff Bezos.

But he is not to blame; Bezos is.

For a brief period late on Wednesday morning, Bernard Arnault of the French luxury goods group LVMH held the title of wealthiest person in the world.

With a net worth of $185.4 billion, Arnault topped Forbes’ list of the world’s wealthiest people in 2021 after briefly switching places with No. 3 Bezos (Musk was worth $185.3 billion at the time, and the pair have alternated positions ever since).

Musk took over first place again around 12:30 EST. Given that the two men’s net worths are only $200 million apart, it won’t be shocking if they continue to fluctuate in Forbes’ lists of the world’s richest people.

As shares of his luxury company edged higher on Wednesday morning, Arnault’s net worth increased by a few hundred million dollars.

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Arnault, however, owes his regained position as the richest person in the world primarily to the significant decline in the price of Tesla’s stock given that LVMH’s stock has been unchanged this year.

Following the announcement of a sizable order from the electric vehicle manufacturer, car rental giant Hertz, the Tesla CEO’s net worth, which peaked at $320 billion in November 2021, was reduced.

The business to which Musk owes the majority of his money has had a tumultuous year.

But the stock has had a terrible performance. For the year, Tesla stock has decreased by close to 50%. That represents a decline of almost 20 percentage points from the Nasdaq’s overall tech-heavy average.

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