Bernard Arnault, CEO of the French luxury goods firm LVMH, temporarily topped Musk on Forbes’ real-time billionaires list. LVMH’s subsidiaries include Louis Vuitton and Moët & Chandon.
Musk had regained a slight edge over Arnault later Wednesday morning, only to lose the top spot again. Forbes estimated Arnault’s wealth at $185.8 billion and Musk’s fortune at $185.4 billion as of 11:35 a.m. ET.
Indian infrastructure magnate Gautam Adani ranks third on Forbes’ list, followed by Amazon founder Jeff Bezos and Berkshire Hathaway chairman Warren Buffett.
Musk’s wealth drain occurred on a day in which shares of his electric vehicle firm Tesla slipped nearly 4%. Tesla’s stock, which comprises the bulk of Musk’s estimated wealth, has fallen nearly 60% since January as recession fears and macroeconomic uncertainty grip investors.
Tesla investors have expressed frustration this year as Musk became embroiled in a media firestorm over his $44 billion acquisition of Twitter. Musk has sold Tesla shares on multiple occasions to fund the takeover.
Musk has faced a mixed public reaction while overhauling Twitter’s operations, with critics questioning his decision to order sweeping layoffs and dial back content moderation practices. This week, the billionaire faced renewed scrutiny over reports that Twitter has installed bedrooms within its offices.
Musk had held the top spot on Forbes’ list since September of last year. His wealth peaked at an all-time high of $320.3 billion on November 4, 2021.
However, the tech entrepreneur’s fortune has plummeted by more than $100 billion this year as Tesla shares plummeted. His net worth has dwindled by about $70 billion since he first placed a bid to buy Twitter in April.
Aside from his roles at Tesla and Twitter, Musk also co-founded the brain chip firm Neuralink and heads up the tunnel-drilling Boring Company.
