Elon Musk briefly loses title of world's richest person
The wealth of Twitter CEO Elon Musk played ping-pong on Wednesday, causing Forbes to report that he had briefly lost the title of the world's richest person.
While Musk had previously been securely on the top of the list, his recent controversies and $44 billion bet on Twitter have caused his net worth to fluctuate. As a result, Forbes reported that Musk was overtaken as the world's richest person on Wednesday morning by Bernard Arnault. The Frenchman is the owner of LVMH, a conglomerate known for luxury subsidiaries like Louis Vuitton, Givenchy, Hennessy, and Bulgari.
However, by the afternoon, Musk had reclaimed the title, only to be dethroned again by Arnault minutes later. As of the time of market closings at 4 p.m. ET, Forbes reported that Musk had regained the wealthiest man title, being worth $185.4 billion to Arnault's $184.7 billion.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
With the two men's net worths being so close, though, the outlet said that it "won't be surprising if they continue to flip flop in Forbes' rankings of the world's wealthiest."
The fact that Arnault has now caught up to Musk is a large development for the tech mogul, who earlier this year was reported to be worth more than $270 billion. However, a number of changes made by Musk at Twitter seemed to cause the market to lose confidence in the company, and Musk has said Twitter could even be facing bankruptcy. Forbes also noted that shares of Tesla, the car brand that first made Musk his sizable wealth, are down 50 percent on the year.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.
-
The Pentagon faces an uncertain future with Trump
Talking Point The president-elect has nominated conservative commentator Pete Hegseth to lead the Defense Department
By Justin Klawans, The Week US Published
-
This is what you should know about State Department travel advisories and warnings
In Depth Stay safe on your international adventures
By Catherine Garcia, The Week US Published
-
'All Tyson-Paul promised was spectacle and, in the end, that's all we got'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
TD Bank accepts $3B fine over money laundering
Speed Read The US retail bank pleaded guilty to multiple criminal charges
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
The pros and cons of globalization
Pros and Cons Globalization can promote economic prosperity but also be exploitative
By Justin Klawans, The Week US Published
-
The pros and cons of labor unions
Pros and Cons Joining a labor union can have positives — and negatives
By Justin Klawans, The Week US Published
-
The rise and fall of Tupperware
Under The Radar The byword for food storage has filed for bankruptcy – was it a victim of its own success?
By Chas Newkey-Burden, The Week UK Published