Tesla, SpaceX, and Twitter’s chief Elon Musk has been deposed from the top spot of the world’s richest billionaires.
Forbes’s The Real-Time Billionaires List estimates that Musk’s net worth has dropped by $39 billion (£31 billion) compared with last year to $180 billion (£144 billion).
Forbes said this was due to Musk’s acquisition of the social media giant Twitter, which cost him $44 billion (£35 billion) 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 billion (£46 billion) less this year following a 38 per cent decline in Amazon stock. His net worth is estimated to be $114 billion (£91 billion) at the moment.
The number one spot on The Real-Time Billionaires 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 billion (£169 billion).
Fourth on the list is Larry Ellison, who owns the software behemoth Oracle and is worth $107 billion (£86 billion).
In fifth is the legendary investor Warren Buffet, who has an estimated net worth of $106 billion (£85 billion). Microsoft co-founder Bill Gates and his $104 billion (£83 billion) 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 billion (£77 billion).
Mexican business magnate Carlos Slim Helu came eighth with $93 billion (£75 billion). Indian billionaire Mukesh Ambani is ninth with $83.4 billion (£67 billion), and the former CEO of Microsoft, Steve Ballmer was 10th with a net worth of $80.7 billion (£64.7 billion).
