Elon Musk no longer the world's richest man after takeover of Twitter

5 April 2023, 09:26 | Updated: 5 April 2023, 09:33

Musk is now the second-richest billionaire
Musk is now the second-richest billionaire. Picture: Getty
Kieran Kelly

By Kieran Kelly

Elon Musk is no longer the richest man in the world after his $44bn acquisition of Twitter in October.

Mr Musk took second spot in Forbes’s annual “World’s Billionaire List”, with Bernand Arnault taking the throne.

Mr Musk’s net worth fell to $180bn, $31bn less Mr Arnault’s $211bn. The latter has seen his net worth increase by $53bn in the past year.

According to the list, Mr Musk has seen $39bn of his net worth was knocked off in a year following the purchase of Twitter, which was largely funded by selling shares in Tesla.

Elon Musk, CEO of Twitter
Elon Musk, CEO of Twitter. Picture: Getty

The drop in his net worth comes after Twitter's worst ever year on Wall Street, with the company losing £700bn in investor money.

“Musk has mostly tweeted himself out of the top spot on the rank,” Forbes said.

Read More: Elon Musk urges pause to 'out of control' AI development over 'threat to civilisation'

Read More: Twitter users need to pay to appear in feed and vote in polls as Elon Musk announces more changes

Coming in at number three on Forbes' “World’s Billionaire List” was Jeff Bezos, CEO of Amazon, who lost $57bn of his net worth.

As with Mr Musk's Twitter, Mr Bezos saw his company underperform last year with its share price falling by around 40 per cent.

Jeff Bezos has seen his wealth tumble
Jeff Bezos has seen his wealth tumble. Picture: Getty

The declining wealth of Mr Musk and Mr Bezos fits with the overall trend on Forbes' list.

Forbes said the number of billionaires across the world dropped by 28 in 2022, falling to 2,640 from 2,668 last year.

"Altogether, the planet’s billionaires are now worth $12.2tn, a drop of $500bn from $12.7tn in March 2022," it added.

Full list

Helene Arnault, Bernard Arnault, Christine Lagarde and Thierry Breton attend the "Basquiat x Warhol. Painting Four Hands" opening at the Louis Vuitton Foundation
Helene Arnault, Bernard Arnault, Christine Lagarde and Thierry Breton attend the "Basquiat x Warhol. Painting Four Hands" opening at the Louis Vuitton Foundation. Picture: Getty

Bernard Arnault & family - Net worth: $211 Billion

Elon Musk - Net worth: $180 Billion

Jeff Bezos - Net worth: $114 Billion

Larry Ellison - Net worth: $107 Billion

Warren Buffett - Net worth: $106 Billion

Bill Gates - Net worth: $104 Billion

Michael Bloomberg - Net worth: $94.5 Billion

Carlos Slim Helú & family - Net worth: $93 Billion

Mukesh Ambani - Net worth: $83.4 Billion

Steve Ballmer - Net worth: $80.7 Billion

Françoise Bettencourt Meyers & family - Net worth: $80.5 Billion

Larry Page - Net worth: $79.2 Billion

Amancio Ortega - Net worth: $77.3 Billion

Sergey Brin - Net worth: $76 Billion

Zhong Shanshan - Net worth: $68 Billion

Mark Zuckerberg - Net worth: $64.4 Billion

Charles Koch - Net worth: $59 Billion

Julia Koch & family - Net worth: $59 Billion

Jim Walton - Net worth: $58.8 Billion

Rob Walton - Net worth: $57.6 Billion

Alice Walton - Net worth: $56.7 Billion

David Thomson & family - Net worth: $54.4 Billion

Michael Dell - Net worth: $50.1 Billion

Gautam Adani - Net worth: $47.2 Billion

Phil Knight & family - Net worth: $45.1 Billion

More Latest News

See more More Latest News

Chancellor Jeremy Hunt will deliver the 2024 spring Budget on Wednesday

Budget 2024: When is it and what are the key things you need to know?

The AI images have not been directly linked to Trump's presidential campaign.

Trump supporters target African American voters with fake AI images in apparent attempt to sway black vote

Police have failed to solve nearly half of burglaries in England and Wales in the past three years.

Police 'failed to solve a single burglary in nearly half of all neighbourhoods’ in past three years despite chiefs' pledge

A man has been arrested on suspicion of arson

‘Get out! Get out!’ Dramatic moment police rescue residents as inferno engulfs London flats

Paul Scully has announced that he will not contest his seat at the next election

Paul Scully joins exodus of Tory MPs quitting at the next election

Prime Minister Rishi Sunak delivers a speech to business and construction representatives during a visit to Panattoni Park.

Rishi Sunak claims UK economy is getting 'on the right track' ahead of Spring Budget

Israel Palestinians

Israeli Cabinet member meets US officials as ceasefire talks get under way

France Abortion Right

French lawmakers gather for vote that will make abortion a constitutional right

Bear (L) is due to find out how much of his sex tape profits he must pay back

Stephen Bear arrives at court for confiscation hearing in 'Mexican Cartel' tracksuit after revenge porn conviction

The Middleton family have previously described the businessman as the "black sheep of the family".

'Kate doesn’t need this stress': Princess' uncle 'read riot act by Middletons' amid Celebrity Big Brother rumour

Gerhard Berger's stolen Ferrari has been found nearly 30 years after it was stolen

Gerhard Berger's £350,000 Ferrari stolen in 1995 recovered by police 28 years later

October Rain is the leading song choice, with Dance Forever in second place.

Israel agrees to change controversial October Rain lyrics ahead of Eurovision 2024

Exclusive
Dame Priti Patel told LBC there should be a government review into how the police watchdog is working

‘Corrupt’ minority of police ‘using their position to do terrible things,’ former Home Sec Dame Priti Patel tells LBC

APTOPIX Haiti Violence

Haiti declares a curfew as it tries to restore order after weekend jailbreak

Thailand Politics

Thai court acquits former PM over mishandling of government funds

The hunt for missing Malaysia Airlines flight MH370 could be renewed

Families of passengers on board Malaysia Airlines flight MH370 given new hope of answers