Elon Musk is no longer the world's wealthiest person

[midian182]

What just happened? Elon Musk is often referred to as the richest person in the world, but not everyone agrees that he currently holds the title. According to Forbes, the Twitter boss has been overtaken on the rich list by Bernard Arnault, who is now number one with a $187.5 billion fortune.

Most of Musk's wealth is tied to his Tesla stock. Although the EV giant has seen its share price rise by more than 1,000% over the last two years, it has been on a downward trajectory for much of 2022—it's fallen 50% this year—partially due to Musk's protracted and distracting $44 billion acquisition of Twitter.

"The big problem is that many investors have lost some confidence in Tesla because Musk is being forced to focus so much of his attention on Twitter," Miller Tabak's chief market strategist Matt Maley told Forbes.

Tesla's price fell another 6.3% on Monday, wiping around $7.4 billion off Musk's wealth. The CEO is now worth $181.3 billion, which puts him below new number one Bernard Arnault. The chairman of French luxury conglomerate LVMH has a fortune of $187.5 billion.

Tesla's share price is falling after two years of rising rapidly

Arnault and Musk have been swapping places on Forbes' real-time billionaires list for a few weeks now. The Frenchman had only been able to hold onto the top spot for a short while before Musk retook the number one position, but the current $6 billion difference between the two men is a vast chasm, so unless Tesla shares surge, Musk might have to accept the title of second-richest person in the world for a while.

The big caveat here is that the list is put together by Forbes using its own methodology to work out an individual's total wealth. Bloomberg's Billionaire Index, which uses a different method of measuring fortunes, also notes Musk's $7 billion decline this week, but it still has him at number one with $168 billion. Arnault is breathing down his fellow billionaire's neck with $167 billion, so the positions could soon change on Bloomberg's list, too.

It's no secret that Musk has a lot to deal with a Twitter right now, from the lawsuits filed by former employees to EU warnings about the platform's lack of moderation helping Vladimir Putin.

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https://www.techspot.com/news/96952-elon-musk-no-longer-world-wealthiest-person.html

 

[yRaz]

Not tech news

 

[JKnight]

Not tech news

Elon news is just for clicks to TechSpot.com

 

[yRaz]

Elon news is just for clicks to TechSpot.com

Have to be careful how to get clicks, sensationalism can lead to a lack of creditability. I've been watching Techspot grow since before it was called Techspot, would hate to see that happen. Maybe if there was some engineering flaw in Teslas' that lead to a drop in stock price you could loosely tie Elon's wealth to a tech article, but this isn't a tech article. The twitter articles are barely tech news and are more a cesspool for commenters to argue in.

 

[Dimitriid]

Elon news is just for clicks to TechSpot.com

Is it working? I am sure they get more clicks but anything I ever see is just more and more weird nerds jumping infront of Elon on every single one of these stories without any signs of them slowing down.

It's seriously to the point that I actively avoid the site now and if I see a news item I just look for the same article on some other site that doesn't just makes its money by feeding the Elon Musk Troll party constantly.

 

[Lionvibez]

He never held #1 spot.

The person that does is anonymous and probably in saudi arabia.

 

[yRaz]

He never held #1 spot.

The person that does is anonymous and probably in saudi arabia.

There are families that control trillions in assets, but they play financial games to make themselves look "poorer" than they actually are. The Worlds wealthiest people don't want people to know who they are. Arguing over who is the wealthiest person is nothing more than a pissing match.

And it's not like Musk would ever be able to "cash out" of all those assets. The minute he tried to sell he would flood the market with Tesla stock, crash the price and probably bankrupt the company

 

[R00sT3R]

The person that does is anonymous and probably in saudi arabia.

Really?

I think he probably lives in Moscow and isn't so anonymous.

 

[Lionvibez]

There are families that control trillions in assets, but they play financial games to make themselves look "poorer" than they actually are. The Worlds wealthiest people don't want people to know who they are. Arguing over who is the wealthiest person is nothing more than a pissing match.

And it's not like Musk would ever be able to "cash out" of all those assets. The minute he tried to sell he would flood the market with Tesla stock, crash the price and probably bankrupt the company

That was my point they don't need to report their incomes to the government.

Whoever you see on forbes are the ones that do.

Really?

I think he probably lives in Moscow and isn't so anonymous.

You are referring to Putin and I know he is pretty high up there but I think the Oil guys still have him beat.

 

[yRaz]

You are referring to Putin and I know he is pretty high up there but I think the Oil guys still have him beat.

There is more "oil" in Russia than there is in the middle east, it's just the the middle east has some of the easily accessible oil fields in the world. They also have some of the most useful oil in the world that has more medium chain hydrocarbons than long or short ones. Saudi oil contains highest percentage of gasoline, kerosene and diesel found in the greatest quantities, the fuels the world runs on. Things like Shale, in the US, contains mostly only natural gas and things like tar oil sands contain mostly Bunkerfuel and asphalt.

Putin doesn't "own" the oil fields, but he owns the Russian oligarchs who do. The Saudi royal family is just more open about how the money is spread because they literally give their money way to their citizens in a very organized fashion.

Putin doesn't own those oil assets in Russian, but he has control over them. The Russian oil oligarchs aren't happy with Putin telling them they had to stop selling their oil to the EU, but they listened. So, at the end of the day, who owns what?

 

[R00sT3R]

You are referring to Putin and I know he is pretty high up there but I think the Oil guys still have him beat.

Putin basically has control of the entire Russian Treasury, which has, despite all the sanctions, over $300 Billion in Currency & Gold reserves.

He could roll up there tomorrow and instruct them to transfer tens of billions of Dollars at a time to any of his hidden bank accounts around the World.

...and no one would try and stop him.

 

[Kam7r]

Will twitter kill Musk or Musk kill twitter first ? for me in any case, it's a win

 

[godrilla]

Lines up with the release of the Twitter files. Wondering who will win this round centralized state sponsored misinformation or Twitter files. Get used to this daily bombardment of negative press Trump style ladies and gentlemen. This is only the beginning.

 

[waclark]

I find this article and many of the Musk articles ironic given the releases of internal Twitter workings he's been dumping. Why is it that Techspot (and most others) aren't covering this news? Seems like they want to control the narrative and are afraid of exposing just how biased Twitter was and maybe still is.

 

[OortCloud]

Well I guess Rob was never going to go two whole days go by without mentioning Elon Musk, after all there have been no reports of Windows Updates breaking 9 computers in Lichtenstein today.

 

[Nobina]

Really?

I think he probably lives in Moscow and isn't so anonymous.

It's actually me. No, I don't live in Moscow.

 

[axiomatic13]

Lines up with the release of the Twitter files. Wondering who will win this round centralized state sponsored misinformation or Twitter files. Get used to this daily bombardment of negative press Trump style ladies and gentlemen. This is only the beginning.

LOL the TwitterFiles are a big fat nothing burger.

 

[godrilla]

LOL the TwitterFiles are a big fat nothing burger.

I didn't know it was over? The latest was that there was an previous FBI lawyer that was deleting the information and now he got fired. These things are usually are a nothing burger. If it was a something Burger than we can expect Twitter to be raided by the FBI in 321...

 

[BadThad]

Who really cares? These are little more than guesstimates based on publicly available data. The guys that are super rich (and smart) keep their finances a secret. After all, it's nobody's business!

 

[GoldenGoat]

He will get it back.

 

[godrilla]

Who really cares? These are little more than guesstimates based on publicly available data. The guys that are super rich (and smart) keep their finances a secret. After all, it's nobody's business!

The sheep care. It helps them be distracted from the buzzkill with what the wolves are doing! Oh look numbers!

 

[samlebon2306]

Poor guy, he must be struggling.

 

[Hodor]

He never held #1 spot.
The person that does is anonymous and probably in saudi arabia.

Nope. That person is probably one of the Rothschield family and has more money than all the Arabs and all the people on the Forbes list combined.

 

[Lionvibez]

Nope. That person is probably one of the Rothschield family and has more money than all the Arabs and all the people on the Forbes list combined.

I doubt that the rothschield aren't as powerful as they once were. The Sherman Antitrust act had a big impact on them.

 

[Hodor]

I doubt that the rothschield aren't as powerful as they once were. The Sherman Antitrust act had a big impact on them.

Laws don't affect those people. Laws are for you and me. Not for them. Even if it's not the Rothschields then it's someone like them. Investment banksters. Controllers of central banking systems. People who produce money out of thin air. No businessman can earn as much money as banksters can artificially produce out of nothing.