Elon Musk has officially been dethroned from the top of Forbes’ annual “World’s Billionaire’s List.”
The Tesla and Twitter chief is now the second-richest billionaire, worth an estimated $180 billion, which is $39 billion less than the previous year. The top spot has been awarded to Bernard Arnault, the chairman of French luxury goods giant LVMH. His net worth increased more than $50 billion in the past year to $211 billion. This shouldn’t come as a surprise to Musk, whose position wobbled on the Forbes’ “Real-Time Billionaires” list, which is updated daily, for the past several months.
SpaceX is a bright spot for the billionaire, the magazine notes, since its valuation has increased $13 billion to $140 billion over the past year. Amazon founder Jeff Bezos lost the most amount of money of any billionaire on the list , knocking him down from second position to third. The loss can be attributed to Amazon shares losing nearly 40% of their value last year.