Elon Musk, the owner of Tesla and Twitter, is back on top of Forbes’ billionaire list after briefly going down to the second spot on Wednesday. Elon Musk lost the top spot on Forbes’ billionaire list on Wednesday to Bernard Arnault, co-founder and chief executive officer of LVMH Moët Hennessy – Louis Vuitton SE.
US stocks opened the market on Wednesday in red as recession fears and the high probability of interest rate hikes triggered a sell-off in the market. This decline in the market resulted in Elon Musks’ fortune going below that of the Arnault family.
1730 GMT Musk was back on top at $184.9 billion, followed by Arnault and his family at $184.7 billion. Wealth ranking data provided by Bloomberg News also put Elon Musk and Arnault’s family neck to neck in the race for the top position.
Indian multi-billionaire and owner of the multinational conglomerate, Adani group, Gautam Adani continue to be the third-richest operon in the world with $134.8 billion. Founder and CEO of American eCommerce giant, Amazon.com inc is in fourth place with $111.3 billion.
Elon Musk who is an American business magnate currently owns various business enterprises such as SpaceX, Tesla, Twitter, The Boring Company and Neuralink to name a few. A large amount of Elon Musks’ fortune is connected to his shareholding in Tesla inc., an electric vehicle manufacturing company based in Austin, Texas.
Tesla Inc listed on NASDAQ trading with TSLA ticker currently has a market capitalization of more than 500 billion dollars. It is one of the most valued automobile manufacturers in the world. Elon Musk owns 155.58 million shares of Tesla inc, representing 4.97% of the stock.
Bernard Jean Étienne Arnault based in France is Chairman and Chief Executive Officer of LVMH Moët Hennessy Louis Vuitton. LVMH based in Paris, France is in the business of luxurious goods. The long list of LVMH-owned luxury brands includes Louis Vuitton, Christian Dior, Fendi and TAG Heuer. The company currently has a valuation of more than 300 billion dollars making it the world’s largest luxury group. It is also one of the largest companies in Europe.