Elon Musk, Twitter and Tesla CEO, briefly lost his title as the world’s richest person today, 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 (N1.6 trillion) 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.
A breakdown from the Forbes billionaire list shows Indian businessman Gautam Adani is currently the third richest man in the world with $134.8 billion.
This is followed by former number one Amazon founder Jeff Bezos fourth at $111.3 billion.
This is not the first time Arnault also topped the Forbes list.
At a point in 2021 for several hours in 2021, Arnault was above Elon Musk and the then Jeff Bezos
His LVMH group, which includes dozens of brands, including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.
Musk’s fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.
The other major wealth ranking compiled by financial data provider Bloomberg also has Musk and Arnault running nearly neck-and-neck.
Bloomberg’s ranking, calculated after US markets closed on Tuesday, had Musk in the lead at $178.9 billion, followed by Arnault at $165.1 billion.
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