Elon Musk Is No Longer the Richest Person in the World

Culture

| LAST UPDATE 12/31/2022

By Rose Fairchild
Elon Musk Net Worth Forbes
PHILIP PACHECO/AFP via Getty Images

This just in - Elon Musk is no longer the world's richest person. Due to the latest statistics on his worldwide ran businesses, an unfortunate drop in stock sales has had a major impact on Musk's wealth. The rise and fall of Elon is among us, and it is within question how it will affect him in the long run...

According to Bloomberg Billionaire Index, there has been a significant decrease in the Tesla CEO's net worth. To put things into context, the majority of Musk's wealth comes from Tesla sales. However, in the past year, there has been a 50% drop in sales of the automotive vehicle. According to InsideEVs, Tesla sales seemed sturdy, reaching sales of 476,000 by July 2022. However, the car manufacturer had reached their tipping point as stats began to decrease gradually. As of December 2022, the brand has accumulated a minuscule sale of only 163,000 cars. Yet, CNN Business says it's a "problem with supply, not demand." Regardless of its advanced and futuristic features, companies as such are struggling to make enough products to meet the demand. Hence, leaders like Musk were forced into conflicting financial decisions.

Elon Musk Rich List Forbes Tesla
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Since the problematic structure of sales occurred, Musk has experienced multiple setbacks in his reputation, starting with the fact that he was booed at Dave Chappelle's San Fransisco show. When it came to his taking control of certain CEO responsibilities, Musk was forced to sell $15 billion of Tesla stock to move forward with his Twitter takeover. The Tesla market has been recently faced with challenging competition from automakers such as Ford, Kia, and Hyundai, who have also moved into the EV sector, "eating into Tesla's sales." After an income hiatus, the multi-CEO has also struggled to take substantial control over the social media platform Twitter after making the risky $44 billion purchase earlier this year. After firing senior staff, banning socialite users, and implementing additional charges, it wasn't long before he realized his plan was ultimately failing. After years of dominating Forbes, his antics are diminishing his reputation as a businessman. That being said, the richest person in the world is now Bernard Arnault, CEO of the luxury fashion conglomerate LVMH.

Despite these consecutive setbacks, Musk remains to be extremely successful. Not to mention, reports suggest he will continue to be one of the most influential entrepreneurs of our generation until the foreseeable. If Twitter doesn't work out in the long run, Musk will still be leading Tesla, Space X, and now Neuralink and The Boring Company, making substantial contributions to their technological developments. Stay tuned.

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