Mumbai, April 5: Forbes has issued their annual “World's Richest Person” list and it came with a surprise. According to the list, Tesla CEO Elon Musk is no longer the richest person in the world. The US billionaire lost his title to LVMH chairman and CEO Bernard Arnault, a Frenchman. Musk had to be satisfied with the second spot with a net worth of $180 billion.

The tech billionaire saw $39 billion of his net worth getting knocked off in a year. Following this, his net worth fell to $180 billion, far behind Arnault who sits comfortably at the top with his $211 billion. The French businessman saw an exponential growth of $53 billion in his fortune. Arnault, a luxury goods tycoon, and an investor has made it to the top of the list on the back of a banger year at LVMH. The magnificent growth helped the LVMH boss to add more than $50 billion to his fortune over the past 12 months, which is the biggest gain of any billionaire this year. Elon Musk May Never Be the World's Richest Person Again, Here’s Why.

The magazine stated that the reason behind Musk falling behind was the “pricey acquisition of Twitter”, which had tanked Tesla’s shares. Musk bought the microblogging platform for $44 billion, which was largely funded by selling shares of his electric car company. This resulted in Tesla stock prices getting tumbled. Forbes World’s Billionaires List 2023: Mukesh Ambani 9th Richest Person With Net Worth of USD 83.4 Billion, Remains Wealthiest Individual in Asia.

Amazon's Jeff Bezos falls behind these two giants. The e-commerce mogul has a net worth of $114 billion which brought him to the third spot. Oracle co-founder and CTO Larry Ellison clinched the fourth position on the list with a net worth of $107 billion. Ellison owns about 35 percent of the software firm. The ace investor Warren Buffet is number five on the list. The Forbes report mentioned that he is one of the most successful investors of all time.

(The above story first appeared on LatestLY on Apr 05, 2023 03:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).