Elon Musk loses Forbes ‘richest billionaire in world’ title after being ousted
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Elon Musk appears to have slipped down the list of the world's billionaires to second place as Bernard Arnault takes the top spot in the pantheon of the world's richest people.
Tesla owner Musk, 51, who bought Twitter for $44billion (£35bn), last year earned the top spot on the Forbes World Billionaires list, which reckoned he had a net worth of $216bn.
But now it seems the Californian is in second place behind Bernard Arnault, 74, the chairman of French luxury goods giant LVMZ, which owns brands such as Louis Vuitton, Christian Dior and Tiffany & Co.
READ MORE: Elon Musk could lose his fortune in £206bn court case over dogecoin 'pyramid scheme'
CNN reported that Arnault was able to overthrow Musk in the annual list after his net worth grew more than $50bn (£40bn) to $211bn (£169bn), as Musk's net worth slumped to $180bn (£144bn) , $39bn (£31bn) less than it was last year, thanks to the purchase of Twitter which was funded by Tesla shares.
Forbes said: "Musk has mostly tweeted himself out of the top spot on the ranks."
However, Musk's SpaceX valuation increased from $13bn (£10bn) to $140bn ( £112bn) in just the past year.
Still, that proved to not be enough to compete with Arnault, 74, who had a "banner year" in 2022 due to record-high profits at his companies.
Frenchman Arnault first appeared on Forbes' billionaires list in 1997, when he was worth just $3.6bn (£2.8bn), with his wealth subsequently growning due to the 70 luxury brands he owns.
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Arnault is now reportedly planning his succession, proposing a reorganisation of his holding company, Agache, to give equal shares to his five children.
Among those who left list was the rapper and former husband of Kim Kardashian, Kanye West, who lost most of his sponsorships after tweeting anti-Semitic remarks.
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