Elon Musk loses world's richest person tag in a jiffy

San Francisco, June 1

Twitter CEO Elon Musk surpassed Bernard Arnault, CEO of luxury brand Louis Vuitton's parent company LVMH, to regain the title of the world's richest person only for a brief period before losing the tag again.

According to Forbes Real-Time Billionaires List, Arnault is now worth $216 billion, while Musk is worth $200 billion.

Musk, who saw his net worth tumble by more than $100 billion in 2022, had been replaced by Arnault as the world's richest man in December last year as well.

As of December 2022, Musk's worth was $168.5 billion, less than the $172.9 billion net worth of Arnault.

In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion.

Meanwhile, as of last month, Musk-owned Twitter is worth only about $15 billion, a massive 33 per cent lower than the $44 billion Musk and his co-investors paid to acquire the platform.

Twitter has struggled financially since Musk took over.

Financial services giant Fidelity had estimated in its monthly report of portfolio valuations that Twitter is now worth just one-third worth of what Musk paid for the micro-blogging platform.