World's Richest Man: Elon Musk Rebounds After Temporary Losing His Position to Bernard Arnault

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Headlines:
  • Elon Musk regains top position as the world's richest man after he temporarily lost it on Wednesday to a French billionaire and luxury goods mogul, Bernard Arnault.
  • This is the first time Musk had slipped from the position of the World's wealthiest man since 2021.
  • Despite Musk's rebound, both Forbes and Bloomberg records show that Musk and Arnault are racing 'bumper to bumper.
  • Musk wealth remains a record-breaking feat on both Forbes and Bloomberg.

World's Richest Man: Elon Musk Rebounds After Temporary Losing His Position to Bernard Arnault

Elon Musk Regains Title of World's Richest Person After Temporary Loss to Bernard Arnault

E(caps)lon Musk, the CEO of  Tesla, SpaceX and Twitter, has regained his role as the world's richest person after temporarily losing it to Bernard Arnault, the chairman of LVMH and the world’s second-richest person, who briefly snatched the top spot from Musk with a net worth of $185 billion.

Musk lost his position as the number one richest man in the world in Forbes list on Wednesday. The Forbes record gives real-time tracks of billionaires' wealth around the world. The Tesla CEO lost the richest man's position to a French billionaire, Bernard Arnault, and his family who own the leading luxury group, LVMH. The brief switch between Musk and Arnault was attributed to the drop in the US tech stocks due to rising recession and interest rates.

Musk, however, regained his position as the world's wealthiest man by 5:30 pm on Wednesday but with a loss of fortune worth $3.8 billion which topped the loser's list on Wednesday's global stock market. All thanks to a strong performance from Tesla's share price which boosted Musk's wealth back to the top spot with a net worth of $197 billion. This was another remarkable achievement for Musk, who has seen his wealth skyrocket over the past year as Tesla's share price soared.

Elon Musk Retains Top Spot as World's Richest Person on Forbes and Bloomberg

Elon Musk became the richest man in the world in September 2021 after he took over the position from Amazon CEO, Jeff Bezos. Since he attained the world's top position in wealth, Wednesday slip was the first time anyone was able to overtake him in the tough race. The fall in Musk's wealth had been predicted by analysts after he sold some of his Tesla stocks early this year to buy Twitter at $44 billion.

Currently, Elon Musk remains the richest man in the world with a net worth of $184.9 billion, in Forbes's new list. Musk is followed by Bernard Arnault and Family (net worth, $184.7 billion), Indian Billionaire, Gautam Adani (net worth, $134.8), and Amazon founder, Jeff Bezos (net worth, $111.3 billion), at second, third, and fourth positions, respectively.

Similar to Forbes, Bloomberg places Elon Musk as the richest man in the world and Bernard Arnault, as the second; however, Musk's wealth on Bloomberg on Wednesday led at &178.9 billion while Arnault's Bloomberg net worth was far behind at $165.1 billion.

On thursday, Forbes' real time billionaires report showed Musk flying at $190.9 billion through Tesla and SpaceX stock. Meanwhile, Elon Musk undisputedly retains position as the wealthiest man in modern history after he broke a record of $340 billion net worth in 2021. No one in modern times before him had hit such a peak in terms of wealth.

Musk and Arnault Compete for Top Spot on World's Richest List

The top two billionaires, Elon Musk and Bernard Arnault have been running 'bumper to bumper in both Forbes and Bloomberg's wealth ranking.

Most of the fortunes Elon Musk boasts of come from his shares at Tesla, however, he owns several giant companies including Tesla, Twitter, SpaceX, Neuralink, and more. Bernard on the other hand obtains most of his fortune from LVMH group which deals in luxuries and houses with sub-brands including Givenchy, Kenzo, and Louis Vuitton.

While this was the first time Arnault topped the billionaire's list, Musk had remained in the position for more than a year despite his recent challenges and controversial blackmail after he acquired Twitter. Many consider Musk's financial strength as a reminder that the future of global economy will be shaped by technology and those who are willing to take risks and innovate.
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