Shillong, April 5: Elon Musk has dropped to second place on Forbes’ annual ‘World’s Billionaire’s List’ having previously held the top spot. His estimated current net worth is $180 billion, which is $39 billion less than it was last year.
The chairman of French luxury goods company LVMH, Bernard Arnault, is now ahead of Musk. His net worth reached $211 billion last year, a rise of more than $50 billion.
Arnault and Elon Musk frequently switch positions on Forbes’ list of ‘Real-Time Billionaires’.
According to Forbes, Musk’s fortune had decreased since his $44 billion purchase of Twitter, which was financed with Tesla shares, concerning investors and caused Tesla stock to drop drastically last year. According reports, Tesla recovered a good portion of those losses this year but is still far lower than it was before Musk purchased Twitter.
Tesla shares have decreased by 50% since Elon Musk took control of Twitter a year ago, according to Forbes. According to the magazine, SpaceX is a success for Musk because its valuation climbed by $13 billion to $140 billion over the previous year.
Jeff Bezos, the founder of Amazon, lost the most money of any billionaire on the list ($57 billion), which dropped him from second to third. The loss was caused by Amazon shares losing close to 40% of their value in the previous year.
