Musk’s fall from atop the rankings — the first time that’s happened since he was No. 2 in September 2021 — caps a tumultuous year for the frenetic billionaire. He shocked the world in April with his offer to take Twitter private for US$44 billion, in a brazen display of how the wealthiest individuals could wield their massive fortunes.
Elon Musk, once worth as much as US$340 billion, has been displaced as the world’s richest person by Bernard Arnault.
Musk, 51, has seen his fortune tumble by more than US$100 billion since January to US$163.6 billion, according to the Bloomberg Billionaires Index. That’s less than the $170.8 billion net worth of Arnault, 73, whose wealth largely derives from his 48% ownership of fashion giant LVMH.
