Elon Musk is no longer the world’s richest person

Agencies | New York                                    

The Daily Tribune – www.newsofbahrain.com    

Tesla, SpaceX, and Twitter’s chief Elon Musk has been deposed from the top spot of the world’s richest billionaires, reports EveningStandard.

Forbes’s The Real-Time bnaires List estimates that Musk’s net worth has dropped by $39 bn (£31 bn) compared with last year to $180 bn (£144 bn).

Forbes  said this was due to  Musk’s acquisition of the social media giant Twitter, which cost him $44 bn (£35 bn) and was paid for with Tesla stock. 

His decision to do this reportedly spooked investors, which led to a significant decrease in the company’s stock value, thus, further damaging Musk’s net worth.

While Tesla has been able to recover a great portion of these losses over the following months, it still hasn’t completely recovered. Musk’s company wasn’t the only one hit by immense falls in stocks.

 Jeff Bezos, who is currently number three on the list, is worth $57 bn (£46 bn) less this year following a 38% decline in Amazon stock. His net worth is estimated to be $114 bn (£91 bn) at the moment.

The number one spot on The Real-Time bnaires List is now held by  French luxury goods magnate Bernard Arnault.

He owns some of the biggest brands in the world, including Louis Vuitton, Christian Dior, and Tiffany & Co. The 74-year-old is estimated to be worth $211 bn (£169 bn).

Fourth on the list is Larry Ellison, who owns the software behemoth Oracle and is worth $107 bn (£86 bn).

In fifth is the legendary investor Warren Buffet, who has an estimated net worth of $106 bn (£85 bn).

Microsoft co-founder Bill Gates and his $104 bn (£83 bn) wealth took sixth place. The CEO of Bloomberg, Michael Bloomberg, was estimated to be the seventh-richest person in 2023, with a net worth of $95.5 bn (£77 bn).

Mexican business magnate Carlos Slim Helu came eighth with $93 bn (£75 bn). Indian bnaire Mukesh Ambani is ninth with $83.4 bn (£67 bn), and the former CEO of Microsoft, Steve Ballmer was 10th with a net worth of $80.7 bn (£64.7 bn)