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Musk briefly loses top spot-on Forbes billionaire list

AFP . Paris
08 Dec 2022 13:03:24 | Update: 08 Dec 2022 13:06:11
Musk briefly loses top spot-on Forbes billionaire list
— File Photo

Tesla owner Elon Musk briefly lost the top spot-on Forbes' billionaire list Wednesday to Bernard Arnault, whose family owns the world's leading luxury group, LVMH.

With US tech stocks sliding as interest rates and recession fears rise, Musk's fortune briefly fell below that of the Arnault family. 

But around 1730 GMT Musk was back on top at $184.9 billion, followed by Arnault and his family at $184.7 billion.

Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion.

Arnault also topped the Forbes list for several hours in 2021.

His LVMH group, with includes dozens of brands including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.

Musk's fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.

The other major wealth ranking compiled by financial data provider Bloomberg also has Musk and Arnault running nearly neck-and-neck.

According to Bloomberg's ranking, calculated after US markets closed on Tuesday, Musk in the lead at $178.9 billion, followed by Arnault at $165.1 billion.