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$168.5 billion, according to the Bloomberg Billionaires Index. As of 10:20 a.m. in New York, that’s less than the US$172.9 billion net worth of Arnault, 73, whose wealth largely derives from his 48 per cent ownership of fashion giant LVMH.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.
Musk tried for months to get out of the Twitter deal, but failed. He offloaded more than US$15 billion in Tesla shares — about US$8.5 billion in April, then another US$6.9 billion in August — to raise enough cash to fund the purchase. Musk has pledged to turn around the social-media platform, but he faces several challenges — some of his own making. He blasted Apple Inc. and threatened to withhold Twitter from its App Store at a time when other companies were already pulling their advertising from the site.
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