He’s now worth $189 billion, leaving him in third place on the list, after a long stint at the top.
Earlier this week Jeff Bezos overtook Musk — but the Amazon founder’s spell didn’t last long. He’s been replaced at the top of the Bloomberg index by French tycoon Bernard Arnault.
The LVMH chief is worth $197 billion, $1 billion more than Bezos, after adding $18 billion to his worth this year.
The three billionaires frequently trade places as the world’s wealthiest individuals and it’s not the first time Arnault has been at the top.
The decline in Musk’s worth is largely due to Tesla’s sagging share price, which is down almost 29% in 2024 as investors fret about poor sales in China. Most of Musk’s wealth comes from his 21% stake in the EV maker.
Weakening consumer demand for EVs and rising competition from local competitors such as BYD have also unnerved some investors.
Musk was also denied a $55 billion compensation package after a Delaware court ruled it was unfair.
Running X, the social network formerly known as Twitter, is also proving to be a headache for the billionaire. Advertisers have fled since Musk took over in late 2022, making revenue hard to come by despite slashing thousands of staff.
Musk also faces legal claims from laid-off Twitter employees and lawsuits from landlords claiming that its offices have fallen behind on rent.
