This combination of pictures created on December 7, 2022 shows (From L) a file photo taken on December 13, 2021 of Elon Musk as he attends TIME Person of the Year in New York City and a file photo taken on September 19, 2017 of CEO of LVMH Bernard Arnault as he poses during a photo session in Paris. (Photo by Theo Wargo and JOEL SAGET / various sources / AFP)
Tesla owner Elon Musk briefly lost the top spot on Forbes’ billionaire list Wednesday to Bernard Arnault, whose family owns the world’s leading luxury group, LVMH.
With US tech stocks sliding as interest rates and recession fears rise, Musk’s fortune briefly fell below that of the Arnault family.
But around 1730 GMT Wednesday, Musk was back on top at $184.9 billion, followed by Arnault and his family at $184.7 billion.
Indian businessman Gautam Adani was in third place at $134.8 billion, with Amazon founder Jeff Bezos fourth at $111.3 billion.
READ ALSO: Tweet Sparks Musk Fever In EU’s Poorest Corner
Arnault had also topped the Forbes list for several hours in 2021.
His LVMH group, with includes dozens of brands including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.
Musk’s fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October.
The other major wealth ranking compiled by financial data provider Bloomberg also has Musk and Arnault running nearly neck-and-neck.
According to Bloomberg’s ranking, calculated after US markets closed on Tuesday, had Musk in the lead at $178.9 billion, followed by Arnault at $165.1 billion.
The silo is used to store grains being distributed to the people of Katsina, Zamfara,…
Apollo Quiboloy, a self-proclaimed "Son of God" and ally of former president Rodrigo Duterte, is…
SERAP said Akpabio is sued for himself and on behalf of all members of Nigeria’s…
The killing spree, which lasted 100 days before the Rwandan Patriotic Front (RPF) rebel militia…
The Rapid Support Forces (RSF) "attacked the village of Um Adam" 150 kilometres (93 miles)…
Gbagbo, who was president from 2000 to 2011, would like to represent the African People's…