Elon Musk loses the first spot on Forbes' annual billionaires list 

Elon Musk officially lost his position at the top of Forbes’ annual “World’s Billionaires List,” falling to the second position on the list after he purchased Twitter. 

The Tesla and Twitter CEO, worth an estimated $180 billion, became the world’s second-richest billionaire, after his net worth declined by $39 billion compared to the previous year.

Musk’s position at the top of the list has fluctuated on Forbes’ “Real-Time Billionaires” list, which is updated daily. However, the new list released on Tuesday tracks his wealth annually. 

According to Forbes, Musk’s wealth had decreased over the past year due to his $44 billion purchase of Twitter, which scared investors because he used Tesla shares to buy the company. As a result, Tesla’s stock fell significantly, down more than 50% since he took over Twitter.  

“Musk has mostly tweeted himself out of the top spot on the ranks,” Forbes said. 

This year’s top spot on the World’s Billionare’s List was given to Bernard Arnault, chairman of the luxury goods conglomerate LVMH, which includes Louis Vuitton, Christian Dior, and Tiffany & Co. His net worth is estimated to be $211 billion—$50 billion more than last year. The French man first appeared on Forbes’ billionaire’s list in 1997, with a net worth of $3.6 billion.

Arnault had a “banner year” in 2022 due to the record-breaking profits that the luxury brand made, according to Forbes. LVMH shares increased 25% over the past year. 

Forbes said that the number of billionaires on the list fell for the second year in a row, from 2,668 to 2,640, representing an 8.7% year-over-year decline. 

“It’s been another rare down year for the planet’s richest people,” said Chase Peterson-Withorn, Forbes senior editor of wealth, in a release. “Nearly half the list is poorer than they were 12 months ago, but a lucky few are billions — or even tens of billions — of dollars richer.”