The founder of electric car company Tesla and social media platform Twitter has lost the crown of the wealthiest person in the world after further losses in the price of his shares. According to Forbes and Bloomberg, which track billionaires’ wealth, Mr. Musk has been overtaken by the chairman and CEO of luxury goods conglomerate LVMH.
Bernard Arnault, who owns the brand names Louis Vuitton and Christian Dior, has a net worth of $207.6 billion and is now the wealthiest man in the world. On Friday, the French billionaire and his family’s fortune grew by $23.6 billion and passed that of the Tesla CEO. The Tesla chief’s share in his company fell 13 percent, with Mr. Musk losing more than $18 billion, Forbes reported.
On Wednesday, Tesla shares dropped by 5 percent after a report that the electric car company’s chief executive could replace a debt loan backed by shares with a personal margin loan. This spooked investors and saw Tesla shares fall to around $178 billion. Musk’s wealth plummeted below the threshold of $188 billion, enough to pass him down the list to a more modest second-place position behind Amazon founder and chairman Jeff Bezos.
The Tesla and Twitter CEO has made headlines for his outlandish behavior and ambition to build a futuristic city in the desert in 2023. He also owns SpaceX, which has a satellite launch vehicle that has successfully put several cargo containers into orbit.
As for his personal life, he has four children and is married. He also loves art and owns an extensive collection, including pieces by Picasso, Matisse, and Mondrian.
Despite his fall down the list, Mr. Musk still has plenty of business to keep him busy. His company has been developing a new version of its Model 3 sedan and a revamped Model X SUV. The Tesla chief also has plans to send his rocket ship into deep space and even to the moon.
The Forbes Real-Time Billionaires List was compiled using data from Monday morning to Tuesday afternoon. It includes individuals with a minimum net worth of $10 billion and a maximum asset value of $292.8 billion.