Elon Musk’s net worth nosedives by $40 bn, Bernard Arnault takes the spot

The CEO of Tesla, Elon Musk, is no longer the richest person in the world, as his net worth has plummeted by about $40 billion this year, according to Bloomberg Billionaire’s Index. The founder of Amazon.com, Jeff Bezos, has surpassed Musk to become the second richest person in the world. Bernard Arnault, the CEO of Louis Vuitton, is currently the richest person in the world with a net worth of $201 billion.

Musk’s wealth has decreased as a result of Tesla’s falling share price, which has dropped by 29% so far this year and by 50% from its peak in 2021.

The leading manufacturer of electric vehicles (EVs) announced lower-than-expected sales in Shanghai, China, earlier this week.

Musk also said that long-form movies will soon be accessible on smart TVs, following Fortune magazine’s claim that social network X intended to release a TV app for Samsung and Amazon users the following week.

After Musk stated he intended to transform the platform into a super app with features like peer-to-peer payments and messaging, the site launched an early version of audio and video calling for a select group of users in October of last year.

In a succinct statement on X, Musk stated that the platform’s long-form videos would soon be available for direct viewing on smart TVs in response to a user’s post.

X has been collaborating with former CNN anchor Don Lemon and Fox pundit Tucker Carlson in an effort to establish itself as a “video-first platform.”