2022 has not been a good year for Tesla chairman/Twitter CEO Elon Musk, who has seen his net worth plummet and left him without a title he enjoyed for years: World’s richest person.
According to Forbes, Musk has been replaced by LVMH Chairman and CEO Bernard Arnault, who is worth $185.8 billion, while Musk’s riches have been reduced to $185.7 billion
Reuters notes that Musk’s decrease is directly tied to the low stock prices for Tesla and Twitter. Musk purchased Twitter for $44 billion on October 27, having to leverage the buyout with money he borrowed against the stock of his car company, which is now lagging behind other electric vehicle producers, including American auto companies Ford and GM:
Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.
Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
In other words, buying Twitter has been a drag on the social media site and on Tesla, suggesting that Musk’s reputation as being a great businessman was little more than hype, much of it generated by him.
Also on the Forbes list of the world’s richest:
- Indian businessman Gautam Adani with a net worth of $134.8 billion
- Amazon founder and Washington Post owner Jeff Bezos, $112 billion
- Investor Warren Buffett, $106.8 billion
- Microsoft co-founder Bill Gates, $105.6 billion
Former president Donald Trump is also on the Forbes list, with an estimated net worth of $3.2 billion. But as much as Trump lies, it’s hard to prove if he really is still a billionaire.
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