Business News : Elon Musk is now the second richest man in the world

Elon Musk, the owner of $ 340 billion assets, has been displaced by Bernard Arnault from the place of the world's richest person. According to the Bloomberg Billionaires Index, 51-year-old Elon Musk's wealth has fallen by more than $100 billion since January to $168.5 billion. As of 10:20 a.m. in New York, that's less than the $172.9 billion net worth of 73-year-old Arnault, whose wealth is largely derived from his 48% ownership of fashion giant LVMH.

Musk's fall from the top of the ranking is the first time this has happened since he was at number 2 in September 2021. It was a tumultuous year for billionaire Elon Musk. He stunned the world in April with his offer to take Twitter private for $44 billion.

His settlement with the Federal Reserve and other central banks ushered in its most aggressive bout of monetary tightening in a generation, slashing valuations of high-flying companies like Musk's Tesla Inc. The electric carmaker's stock has plunged more than 50% this year.Elon Musk tried to back out of the Twitter deal for months, but was unsuccessful. He offloaded more than $15 billion in Tesla shares, about $8.5 billion in April, then $6.9 billion in August, to raise enough cash to buy.

Elon Musk has promised to transform the social-media platform, but he faces many challenges, some of his own making. He Apple Inc. criticized and threatened to block Twitter from its App Store at a time when other companies were already pulling their advertising from the site.