NEW DELHI: Social media platform Twitter’s new chief briefly lost his title of being the world’s richest person on Wednesday, according to Forbes’ rich list.
The Tesla boss has been at the top position since September 2021. This is the first time since then that Musk slipped to the 2nd spot.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family briefly took the title as the world’s richest.
However, Arnault’s position at the top was short-lived as Musk regained the top spot within few minutes.
Both billionaires are fighting for the top spot with very narrow margins.
At 10.15 pm, Musk’s wealth was at $185.8 billion while that of Arnault was $185.7 billion.
Musk’s net worth dropped below $200 billion earlier on November 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.