Business

Elon Musk Briefly Loses Top Spot on Forbes Billionaire List

Tesla-owner Elon Musk briefly lost the top spot on Forbes’ billionaire list on 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 in fourth at $111.3 billion.

Arnault had 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.

Follow us on:

AriseNews

Recent Posts

Iran’s Supreme Leader Threatens ‘Crushing Response’ To US And Israeli Actions Amid Ongoing Tensions

Iran's Supreme Leader has warned the US and Israel of a "crushing response" following an…

3 hours ago

Kemi Badenoch Wins Conservative Leadership, Vows Party Renewal, A Return to Traditional Values

Kemi Badenoch has pledged to "renew" the Conservative Party and reclaim voters as she was…

8 hours ago

Peter Obi Criticises Court Ruling Halting Rivers State Funds, Calls for Reversal

Peter Obi has criticised the court ruling withholding funds to Rivers State, calling it disturbing…

14 hours ago

AGF Fagbemi Takes Over Prosecution of #EndBadGovernance Protesters Amidst Allegations of Treason

AGF Fagbemi has taken over the prosecution of 114 #EndBadGovernance protesters, addressing alleged treason and…

14 hours ago

NNPC, ONHYM Advance African Atlantic Gas Pipeline Project Amid Regional Collaboration

NNPC and Morocco's ONHYM has advanced the $26 billion African Atlantic Gas Pipeline, emphasising regional…

14 hours ago

TCN Restores Power Supply Through Gombe-Damaturu-Maiduguri Line

TCN has restored power on the Gombe-Damaturu-Maiduguri line, fully operational again after vandalism halted service.

14 hours ago