Elon Musk, the owner of Twitter, is no longer ranked first on Forbes’ list of the world’s wealthiest people.
Due to Tesla’s declining stock valuation, the 51-year-old entrepreneur dropped to No. 2 on the illustrious list. Musk reportedly lost $6.4 billion on paper due to the 6% decline in the electric car company’s stock price on Tuesday, according to Forbes.
His “real-time” fortune now stands at $175.9 billion.
Compared to French luxury goods CEO Bernard Arnault, whose LVMH organization manages high-end brands like Louis Vuitton and Tiffany & Co., Musk is now valued at $12.7 billion less.
With $134 billion, Indian businessman Gautam Adani came third on Forbes’ list.
The top five were completed by investor Warren Buffett and founder of Amazon, Jeff Bezos.
Musk’s fortunes changed as he came close to paying $44 billion for the social media service Twitter in late October.
He sold Tesla stock worth roughly $4 billion to fund the deal.
The provocateur has gained and lost supporters by removing limitations that the platform’s previous managers had put in place to control hate speech and falsehoods.
Musk reportedly disbanded Twitter’s Trust and Safety Council on Monday, report.
Musk was greeted with jeers the previous evening when comedian Dave Chappelle invited him onstage during a performance in San Francisco.
He described the unfavorable reaction as “a first.”
According to CNBC, Musk controls 14% of Tesla stock, worth $530 billion.
He also owns 40% of the $125 billion aerospace firm SpaceX, which he controls.
The Bloomberg Billionaires Index still places Musk at the top, $1 billion ahead of Arnault.