Elon Musk has fallen from the top spot on Forbes’ real-time billionaires list as Tesla’s stock closed down more than 6% Monday.
Why it matters: The dip in Musk’s wealth comes as Tesla’s stock has fallen by nearly 60% this year, and more than 25% since his official takeover of Twitter.
Details: Bernard Arnault, CEO of Louis Vuitton’s parent company LVMH, and his family overtook Musk Monday with a net worth of around $186.2 billion, per Forbes’ list.
- Musk’s net worth dropped around $181.3 billion.
- Musk is No. 2 on the list ahead of Gautam Adani. Amazon’s Jeff Bezos and Berkshire Hathaway CEO Warren Buffett round out the top five.
- Forbes’ tracker continually updates based on stock price, said Jocelyn Swift, director of corporate communications at Forbes, in an email to Axios.
- But the change in net worth for billionaires “is based on the closing numbers at 5 pm from the previous day” of trading, Swift said.
Context: Musk’s net worth is taking a huge hit as Tesla investors grow wary about his Twitter ownership on top of Tesla’s issues, Axios’ Nathan Bomey writes.
The big picture: 2022 wasn’t exactly a winning year for Musk. His financial bottom line suffered and his personal capital took some shots as well, Axios’ Scott Rosenberg writes.
- In addition to Tesla’s stock drop, there’s also a belief that Musk holds lots of crypto, which also had a down year.
Yes, goal: Musk is still worth close to $200 billion. That’s a lot of money. He’ll be OK.
Go deeper: Elon Musk’s year of losing