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How Elon Musk lost his No 1 spot on the world’s wealthiest list… for a bit?

With a net worth of $185.7 billion, Elon Musk has topped the current Forbes list since September 2021. Jeff Bezos, the current founder of Amazon.com (AMZN.O), was succeeded by Musk in the position.

Elon Musk, CEO of Twitter, Tesla, and SpaceX, briefly lost his precious title as the current richest person in the world on Wednesday, according to Forbes, in a fiscal year that has already seen his net worth plummet by a massive $100 billion.

This follows a sharp decline in the current value of Musk’s stake in electric vehicle manufacturer Tesla, a bloodbath in Tesla stock price this year, and the highly publicised $44 billion acquisition of Twitter by Musk.

Elon Musk is briefly passed by Bernard Arnault, CEO of Louis Vuitton

But to whom did he lose the championship? The CEO of Louis Vuitton’s parent company, LVMH, Bernard Arnault, along with his family, briefly held the title of current richest person in the world. 

However, with a current personal wealth of $184.7 billion, they swiftly climbed back to No. 2 on Forbes’ live list of billionaires. Arnault briefly surpassed Musk’s net worth of 185.3 billion, according to Forbes, with a net worth of 185.4 billion. Later, Musk reclaimed the top spot.

With a current net worth of $185.4 billion, Elon Musk, who has topped the Forbes list since September 2021, is the richest person in the world. Musk took over for Jeff Bezos, the man who founded Amazon.

According to a Reuters report, Tesla shares have lost currently more than 47% of their estimated value since Musk made his offer to mainly purchase Twitter earlier this year. Its stock is down more than 56% overall for the year.

The Decline In Elon Musk’s Wealth

On November 8 of this year, when investors started selling their Tesla stock, Elon Musk’s net worth fell for the first time below the $200 billion threshold. This worries Musk, Tesla’s chief executive and largest shareholder, who is more focused on Twitter. Additionally, Musk’s $56 billion Tesla compensation package was contested in court last month.

how elon musk lost his no 1 spot on the world's wealthiest list... for a bit

According to Forbes, Bernard Arnault, the head of LVMH, the parent company of brands like luxury brand Louis Vuitton, and his family briefly held the title of richest people in the world. However, they fell to No. 2 with a personal wealth of approx $185.3 billion.

With a net worth of approximately $185.7 billion, Musk has also topped the current Forbes list since September 2021. Jeff Bezos who is the current founder of Amazon.com, was succeeded by Musk.

Tesla shares were down 2.7% despite having lost more than currently 47% of their value since Musk had also made his offer to mainly purchase Twitter earlier this current year.

Earlier on November 8, investors also sold off shares of Tesla, fearing that Musk, the company’s chief executive and also largest shareholder, was more focused on the platform Twitter than on currently Tesla’s business. As a result, Musk’s net worth also fell below $200 billion.

Since Musk’s bid for Twitter in April, Tesla’s market value has also decreased by almost half, and his personal wealth has decreased by about $70 billion. With a commitment of $33.5 billion in equity and $13 billion in loans, Musk completed the acquisition of Twitter in October.

Along with Tesla, Musk is the CEO of Neuralink, a start-up that is creating ultra-high bandwidth brain-machine interfaces to link the human brain to computers, and rocket company SpaceX.

Musk’s net worth has decreased by about $70 billion since his April Twitter bid and by about $100 billion so far this year. Tesla’s market value has already decreased by almost half. The report claims that Musk completed the $ 44 billion Twitter deal in October with a commitment of $33.5 billion in equity and $13 billion in loans.

Additionally, Musk has sold his shares three times this year, the most recent sale occurring soon after the takeover of Twitter was completed in late October. Additionally, earlier this year, he gave Tesla stock worth $5.7 billion to charity.

Earnings from Tesla, Twitter, SpaceX, Neuralink, and The Boring Company are among Musk’s assets.

elon musk loses: elon musk is losing rs 2500 crores every day this year: here's why - the economic times

Moreover, Musk employs two of his cousins:

Nobody is aware of Elon Musk’s future capabilities. After a protracted battle, he took over Twitter. The new Twitter CEO let go half of the staff not long after the acquisition, including some of the top current executives like Parag Agrawal and Vijay Gadde. Twitter is hiring for some positions, particularly engineering positions, following several rounds of layoffs. According to one of the most recent reports, Musk has also hired two of his paternal cousins from Twitter.

According to a BusinessInsider report, the Twitter CEO has hired his cousins James and Andrew Musk for full-time positions at the company. It is rumoured that James Musk is “a fixer type,” which now probably means he will assist Elon Musk with a variety of tasks, and Andrew Musk has joined Twitter to work on software engineering projects.

Musk is on a hiring binge.

Musk appears to be hiring a lot lately. The billionaire is rumoured to have hired engineers from Tesla and The Boring Company in addition to his cousins. According to the same report, Alex Spiro and Jared Birchall, who manage Musk’s family office, are being hired by Musk.

Musk recently stated in one of the company meetings that he intends to build Twitter 2.0 from the ground up. The billionaire stated during the meeting that “significant portions of the technology stack need to be rebuilt from scratch,” and he also mentioned that it would be wise to “somewhat decentralise things” by establishing engineering teams in Brazil, Japan, India, and Indonesia.

elon musk loses crown as forbes' richest person

Software engineers and sales positions are reportedly being filled by the Twitter human resources department at the moment. There are currently no open positions in India listed on the company’s career page.

The billionaire has fired 50% of the staff since taking over as Twitter’s CEO. According to reports, Twitter fired 90% of its employees in India, leaving only 20–24 people behind. Musk is firing janitors after laying off workers from various industries and nations. Since last week, many janitors have reportedly been locked out by Twitter’s boss without any prior notice. The company abruptly terminated the contract, necessitating the cleaning of Twitter offices, and the local Service Employees International Union (SEIU) was notified.

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