French business magnate, Bernard Arnault has overtaken Elon Musk to become the world’s wealthiest billionaire, causing the Twitter CEO to fall to second place on the list.
In the previous year, Elon Musk, 51, acquired the number one spot on the Forbes World Billionaires list with an estimated net worth of $216 billion, following his purchase of Twitter for $44 billion.
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Nevertheless, Elon Musk now holds the second position on the list as 74-year-old Bernard Arnault, the chairman of LVMH, a French luxury goods conglomerate that controls renowned brands like Louis Vuitton, Christian Dior, and Tiffany & Co., claims the top spot.
CNN reported that Arnault was able to overthrow Musk in the annual list after his net worth grew more than $50bn to $211bn, as Musk’s net worth slumped to $180bn, $39bn less than it was last year, thanks to the purchase of Twitter which was funded by Tesla shares.
“Musk has mostly tweeted himself out of the top spot on the ranks.”
However, Musk’s SpaceX valuation increased from $13bn to $140bn in just the past year. Even with this remarkable achievement, he could not surpass Arnault, who had an exceptional year in 2022, thanks to his companies achieving record-high profits.
Arnault, who is French, initially made it to Forbes’ list of billionaires in 1997 with a net worth of only $3.6 billion. His wealth has continued to grow over time due to his ownership of 70 luxury brands.
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