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Elon Musk is about to lose his place as the richest man in the world

Opinions expressed by australiabusinessblog.com contributors are their own.

It’s not like he’ll struggle to pay his cable bill, but Elon Musk is in danger of losing his rank as the richest man in the world — at least on one list.

Carina Johansen | Getty Images

CNN reported On Wednesday afternoon, Musk slipped behind Bernard Arnault, CEO of Louis Vuitton (LVMH), in the Forbes Billionaire list. The Twitter owner’s slip in the rankings didn’t last long, though; Musk’s wealth soon ticked back up to $184.9 billion, compared to Arnault’s $184.7 billion.

Arnault has maintained a place at the top of the list thanks to his company’s shares remaining relatively stable throughout 2022. Much of Musk’s fortune is in Tesla shares, which have plummeted by more than 55%. Forbes speculated that this was partly due to Musk’s controversial acquisition of Twitter.

Musk bought Twitter for $44 billion, using a total of nearly $20 billion in profits from Tesla stock sold at various times during the year. However, as CNN points out, it’s not that easy to find out how much money Elon Musk has in the bank:

However, estimating Musk’s wealth is generally a difficult task, as much of his money is tied up in his private companies, including rocket and internet company SpaceX, tunneling company The Boring Company, and Neuralink, which puts computer chips in people’s brains.

The Forbes list is one thing – as CNN points out, Musk easily tops the Bloomberg Billionaires Index, which lists his worth as $179 billion, with Arnault a distant second at $165 billion.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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