Elon Musk has dropped to second place on the list of the world’s billionaires, with Bernard Arnault taking the top spot.
Musk, 51, who purchased Twitter for $44 billion, topped the Forbes World Billionaires list last year, with a net worth of $216 billion.
However, he appears to have fallen behind Bernard Arnault, 74, the chairman of the French luxury goods conglomerate LVMZ, which owns brands such as Louis Vuitton, Christian Dior, and Tiffany & Co.
According to CNN, Arnault was able to overtake Musk in the annual list after his net worth increased by more than $50 billion to $211 billion, while Musk’s net worth decreased to $180 billion, $39 billion less than it was last year, due to the purchase of Twitter, which was funded by Tesla shares.
Forbes said: “Musk has mostly tweeted himself out of the top spot on the ranks.”
However, Musk’s SpaceX valuation increased from $13bn to $140bn in just the past year.
Still, that proved to not be enough to compete with Arnault, 74, who had a “banner year” in 2022 due to record-high profits at his companies.
Frenchman Arnault first appeared on Forbes’ billionaires’ list in 1997, when he was worth just $3.6bn, with his wealth subsequently growing due to the 70 luxury brands he owns.