Musk dethroned from Forbes’ ‘Billionaires List’

WASHINGTON: Elon Musk is no longer the richest man on Forbes‘ annual “World’s Billionaire’s List.” Following his $44 billion acquisition of Twitter, Musk’s wealth has declined to be worth $180 billion which is $39 billion than his wealth last year. Surpassing Musk this year is LVMH chairman, Bernard Arnault. Arnault secures the top spot earning more $211 billion in the past year, which is more than $50 billion of his wealth in the previous year. Forbes explained that Musk’s decrease in wealth is largely in due part to the Twitter purchase, as well as the declining Tesla shares and his scared investors.

While Tesla did gain back a lot of its losses, it is still significantly lower than before Musk was involved with Twitter. Forbes said, “Musk has mostly tweeted himself out of the top spot on the ranks,” since Tesla shares have been down 50 percent since his Twitter takeover. Amongst all his business, SpaceX saw growth to $140 billion over the past year. Fellow tech billionaire Jeff Bezos also lost a large amount of money, knowing him from second to third after Amazon’s share lost nearly 40 percent of its value last year.

As for Arnault, the Frenchman saw a “banner year” in 2022 with record-high profits at the luxury conglomerate. Brands such as Louis Vuitton, Christian Dior and Tiffany & Co saw its shares climb 25 percent. The list saw over 250 people who were on the same list a year prior, disappear on this year’s list. Some of those include Kanye West, who lost his adidas deal as well as FTX founder Sam Bankman-Fried who recently lost 94 percent of his wealth in just one day. In other tech news, Elon Musk’s Twitter updates so that you can no longer tell who paid for a blue check anymore.

According to the Billionaires List published by Forbes for the 37th time, in 2023 the number of billionaires decreased to 2,640 and the total wealth of billionaires decreased to $12.2 trillion. While 26 names from Turkey entered the list, Ibrahim Erdemolu became the richest Turkish businessman. While the number of people on the American business magazine Forbes’ Billionaires List dropped to 2,640 this year, the total wealth of billionaires decreased by $500 billion to $12.2 trillion. The number of billionaires worldwide decreased by 28 compared to the previous year to 2,640, recording the second consecutive decrease.

As the economic turbulence hit the public and private sectors, the wealth of billionaires has decreased by $500 billion to $12.2 trillion. Reliance Industries Chairman Mukesh Ambani has once again regained the spot as Asia’s richest person in the Forbes Billionaire 2023 list, after rival Gautam Adani tumbled to No 24. Adani was the world’s third-richest person on January 24 with a personal net worth of nearly $126 billion when allegations of ‘brazen stock manipulation’ and ‘massive accounting fraud’ by the US short-seller Hindenburg Research sent his companies’ shares plummeting.

His net worth is now $47.2 billion and is the second richest Indian behind Ambani. India ranks third in terms of self-made billionaires. With a net worth of $83.4 billion, Ambani, 65, was ranked at No 9 on the world billionaire list, PTI reported. “Last year, Ambani’s oil-to-telecom behemoth Reliance Industries became the first Indian company to surpass $100 billion in revenue,” Forbes said. 254 people aren’t billionaires anymore The wealth of nearly half of the billionaires decreased compared to last year, while a total of 254 people lost their billionaire status.

Among those who lost this status, names such as Sam Bankman-Fried, Founder and former Chief Executive of crypto money exchange FTX, Gary Wang, one of the former executives of FTX, and musician Kanye West, who were accused of fraud, drew attention. The United States continued to be the country with the most billionaires, with 735 list members with a total wealth of $4.5 trillion. China ranked second with 562 billionaires (including Hong Kong and Macau) with assets of $2 trillion, followed by India with 169 billionaires with a net worth of $675 billion.

This year, 26 names from Turkey were included in the Billionaires List. Erdemoglu Holding Chairman of the Board of Directors ?brahim Erdemoglu, with his wealth of 5.3 billion dollars, became the richest person in Turkey and the 497th richest person in the world. The total wealth of Turkish billionaires was estimated at approximately $57.8 billion. – Agencies

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