Elon Musk, who saw his net worth tumble by more than USD 100 billion in 2022, has been replaced by Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, as the world's richest man.
According to the Bloomberg Billionaires Index, Musk, 51, is now worth USD 168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73.
Last week, Arnault and his family for the first time logged personal wealth of USD 185.4 billion, ahead of Musk who recorded a net worth of USD 185.3 billion, before jumping again to USD 190 billion.
The Tesla CEO's wealth eroded further after he bought Twitter for a whopping USD 44 billion. The 51-year-old's net worth peaked at USD 340 billion in November last year.
Meanwhile, Tesla shares have plummeted around 58 per cent to date. In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than USD 185 billion. Meanwhile, Tesla shares are further sliding, amid reports that Tesla will cut production at its Shanghai plant by 20 per cent in December.
Amid all this, there are reports that Twitter will lose more users and also its revenue growth will be flat for the next two years as revenue and staffing losses have made it more difficult for Musk to ship new products to increase usage and engagement on the platform.
Twitter will lose more users in the United States than in any of the countries' Insider Intelligence tracks, the report said, adding that monthly users will fall to 50.5 million in 2024, the lowest level since 2014.