(CNN) — Elon Musk it is no longer the richest person in the worldaccording to Forbes.
On Thursday, Musk fell to second place on the list of Forbes of “Real-Time Billionaires,” which now places the CEO of Twitter and Tesla behind Bernard Arnault, CEO of French luxury brand LVMH, maker of luxury goods Louis Vuitton and Hennessy cognac. Forbes now pegs Musk’s wealth at $183.6 billion, slightly below Arnault’s estimated wealth of $186.2 billion.
Forbes noted on Wednesday that Arnault’s rise is due to LVMH shares holding steady this year, while Musk has experienced a “dramatic collapse of Tesla’s stock price,” which is down 56% in 2022. Musk’s strategy of tinkering with right-wing influencers on Twitter may also be weighing on Tesla’s stock. Musk’s wealth peaked in November 2021, when he was worth $320 billion, Forbes said.
Musk recently sold regarding $4 billion of Tesla stock to finance his $44 billion purchase of Twitter, which is embroiled in problems including layoffs and skittish advertisers wary of the platform’s direction. Musk had sold blocks of Tesla stock worth a total of $15.4 billion earlier this year when his deal to buy Twitter was announced.
Estimating Musk’s wealth overall is a difficult task, however, since much of his money is tied up in his private companies, including rocket and internet company SpaceX, tunneling company The Boring Company and Neuralink, which wants to put computer chips into people’s brains.
Despite the losses, Musk is well ahead of third-place Indian billionaire Gautam Adani, who is worth $135 billion, and Amazon founder Jeff Bezos, whose wealth is estimated at $113,100. millions of dollars.
In the Bloomberg Billionaires Index, Musk ranks solidly in first place with a net worth of $171 billion. Arnault is in second place with a net worth of $166 billion. Yet Musk has lost regarding $100 billion this year, according to Bloomberg calculations. That list is updated daily following the market closes.
