Tech

Elon Musk loses top spot on Forbes billionaires list


Musk's fortune was briefly lower than that of the Arnault family

Musk’s fortune was briefly lower than that of the Arnault family.

Tesla owner Elon Musk briefly lost the top spot on Wednesday’s Forbes billionaires list to Bernard Arnault, whose family owns the world’s top luxury conglomerate, LVMH.

With US tech stocks sliding as interest rates and recession fears mount, Musk’s fortune briefly fell below the Arnault family’s.

But at around 1730 GMT, Musk was back in the lead with $184.9 billion, followed by Arnault and his company. family at $184.7 billion.

Indian businessman Gautam Adani is in third place with $134.8 billion, while Amazon founder Jeff Bezos is fourth with $111.3 billion.

Arnault also topped the Forbes list for several hours in 2021.

His LVMH group, which includes dozens of brands including Louis Vuitton, Givenchy and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.

Musk’s fortune is largely tied to Tesla’s share price, and the businessman has been at the center of controversy after taking over Twitter in late October.

The other major wealth ranking compiled by financial data provider Bloomberg also features Musk and Arnault running nearly neck-and neck.

According to Bloomberg’s rankings, calculated after US markets closed on Tuesday, Musk led the way with $178.9 billion, followed by Arnault with $165.1 billion.

© 2022 AFP

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