Elon Musk Loses World’s Richest Man Title to French Billionaire as Worth Drops by N1.6tn in Hours

Elon Musk Loses World’s Richest Man Title to French Billionaire as Worth Drops by N1.6tn in Hours

  • Elon Musk has lost his position as the world's richest billionaire and also lost N1.6 trillion of his wealth, according to Forbes
  • He was overtaken by a french billionaire, Bernard Arnault, whose family owns the world’s leading luxury group
  • Elon Musk has held the title of the world's richest person since September 2021, replacing Amazon founder Jeff Bezos

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, 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, by 5.30 p.m on Wednesday, 7 December 2022, 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.

Elon musk billionaire
Elon Musk recover his spot but only just Credit: forbes
Source: Facebook

According to Forbes, Elon Musk's current wealth is $184.9 billion, and Bernard Arnault and his family are at $184.7 billion.

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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.

How other top billionaires performed

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.

How does Arnault make his fortune?

Bernard Arnault
Arnault is the co-founder, chairman, and chief executive of LVMH Moët Hennessy Credit: @forbes
Source: Twitter

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.

How does Musk make his money?

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.

Naira crashes against the dollar, euro, and pounds

Meanwhile, in another report, Nigerian currency, the Naira crashed in value against US dollars, British pounds and Euro

This happened after CBN announced limits on cash withdrawals at ATMs, over-the-counter in banks

The cash limits include weekly and daily withdrawals and also costs for anyone who wants more

Source: Legit.ng

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