'It's about time we have a new richest man.'
For a moment, billionaire Elon Musk lost the title of the world's richest man when his position was overtaken by Bernard Arnault on the Forbes Real-Time Billionaires list.
Early in the morning at 12 o'clock (December 8) the Chief Executive of Louis Vuitton, Bernard Arnault topped the Forbes Real-Time Billionaires list with a wealth value of $185.3 billion.
Musk slipped to No. 2 for the first time since September 2021, when the value of his electric vehicle (EV) company's stock plummeted and he spent $44 billion to buy Twitter.
So far Tesla Inc shares have lost 47% of their value as investors sold stakes as Musk preoccupied himself with the acquisition of Twitter earlier this year.
Musk himself has also sold nearly $70 billion in Tesla stock and the Twitter purchase forced him to incur $13 billion in debt and $33.5 billion in equity commitments.
Nevertheless, as soon as the sun rose this morning, Musk returned to the first position with a wealth value of $185.4 billion and Arnault in 2nd place with a wealth value of $184.7 billion.
But Musk's fortune, which fell below the $200 billion level this year, also made him the billionaire with the biggest daily loss of -$3.8 billion according to Forbes Today's Winner and Losers list.
