Elon Musk, the new CEO of Twitter and Telsa, briefly lost the title of richest man in the world to Bernard Arnault, the head of Louis Vuitton, who, according to Forbes, had a net worth of 185.8 billion dollars, nearly 400 million dollars more than Musk.
According to reports, Musk’s decision to purchase Twitter—which required the Tesla CEO to inject 44 billion dollars—was the primary factor in his decline in the rankings. As a result, his net worth fell below $200 billion.
Tesla’s shareholders claim that Musk’s unwavering focus on Twitter caused Tesla’s stock to continue to decline, with the CEO selling almost 20 million shares for a total of about $4 billion.
His wealth comes from his positions as CEO and owner of companies like Tesla, Twitter, SpaceX, Neuralink, and The Boring Company. Later on in the Frobes billionaire rankings, which are still in flux throughout day trading hours, Musk reclaimed his place.