Elon Musk’s position as the richest man in the world was threatened on Wednesday when the CEO of luxury brand Louis Vuitton’s parent company LVMH, Bernard Arnault, briefly took his place as the richest man in the world.
The sharp drop in the value of his stake due to the recent $44 billion purchase of Twitter was a major reason for the brief development.
According to Forbes, Arnault and his family briefly held the title of world’s richest today before falling back to second place with a personal wealth of $185.3 billion.
Musk, who took over the title from Amazon.com founder Jeff Bezos, has topped the Forbes list since September 2021, with a net worth of $185.7 billion.
Musk sold shares in his electric car company to fund the acquisition of Twitter, a social media company.
On November 9, 2022, Musk sold approximately $4 billion in Tesla stock.
According to reports, the move by Tesla’s CEO was revealed in Securities and Exchange Commission filings, as sales of the electric car company’s shares increased.
According to available reports, he disposed of more than 19 million shares worth more than $3.9 billion in documents filed with the United States Securities and Exchange Commission.
According to AFP, Musk has been looking for ways to pay for the massive deal, for which he has taken on billions of dollars in debt and previously sold $15.5 billion in Tesla stock.
After a protracted back-and-forth between the world’s richest person and the influential social media company, he took control of Twitter and fired its top executives in late October.
Despite Musk’s net worth falling below $200 billion earlier this month, he remains the richest person in the world, according to Forbes.
Arnault’s net worth is $185.8 million. on Wednesday, when he replaced Musk before returning to second place.
The 73-year-old French business magnate has his headquarters in Paris, France.
