National
Elon Musk loses his position atop Forbes’ annual billionaires list
(CNN) — Elon Musk has officially been dethroned from the top of Forbes’ annual “World’s Billionaire’s List.”
The Tesla and Twitter chief is now the second-richest billionaire, worth an estimated $180 billion, which is $39 billion less than the previous year. The top spot has been awarded to Bernard Arnault, the chairman of French luxury goods giant LVMH. His net worth increased more than $50 billion in the past year to $211 billion.
This shouldn’t come as a surprise to Musk, whose position wobbled on the Forbes’ “Real-Time Billionaires” list, which is updated daily, for the past several months. He and Arnault often switch places.
However, Tuesday’s list tracks his wealth annually. Forbes explained that Musk’s wealth had fallen because his $44 billion Twitter purchase, funded by Tesla shares, scared investors and sent Tesla stock sinking sharply last year. Tesla gained much of those losses back this year but is still significantly lower than before Musk bought Twitter.
Forbes said that “Musk has mostly tweeted himself out of the top spot on the ranks” because Tesla shares are down 50% since his Twitter takeover a year ago. SpaceX is a bright spot for the billionaire, the magazine notes, since its valuation has increased $13 billion to $140 billion over the past year.
Amazon founder Jeff Bezos lost the most amount of money of any billionaire on the list ($57 billion), knocking him down from second position to third. The loss can be attributed to Amazon shares losing nearly 40% of their value last year.
As for Arnault, Forbes said the Frenchman had a “banner year” in 2022 because of record-high profits at the luxury conglomerate, which comprises Louis Vuitton, Christian Dior and Tiffany & Co. Shares of LVMH have climbed 25% over the past year and the patriarch has recently unveiled succession plans to his children.
Forbes said that the total number of billionaires on this year’s list fell to 2,640 (down from 2,668), marking the second-straight year of decline.
“It’s been another rare down year for the planet’s richest people,” said Chase Peterson-Withorn, Forbes senior editor of wealth, in a release. “Nearly half the list is poorer than they were 12 months ago, but a lucky few are billions — or even tens of billions — of dollars richer.”
More than 250 people who were on last year’s list didn’t appear on this year’s, including Kanye West, who lost his Adidas deal, and embattled FTX founder Sam Bankman-Fried, who lost 94% of his wealth in one day.
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
By: Pristine Villarreal
April 4, 2023
Latest Instagram Posts
Discover the Coachella Valley with the Everything Palm Springs app. From iconic attractions and hidden gems to local restaurants, shops, entertainment and even filming locations, the map-based app is designed to help both visitors and locals find more of what the desert has to offer. Creator Lindsay Kinkle is also expanding the app with video tours and narrated guides, giving users another way to explore Palm Springs and the surrounding communities. Local businesses like Buena Matcha are also getting a chance to connect with new customers through the platform. As Lindsay says, there’s so much to do and enjoy here — you just have to know where to look. #PalmSprings #CoachellaValley #EverythingPalmSprings #PalmSpringsApp #VisitPalmSprings DesertLife LocalBusiness CoachellaValleyBusiness NBCPalmSprings
Social Time with Thalia & Jerry
What’s next for Palm Desert? Join community leaders, local businesses and regional stakeholders for the 2026 State of the City Address. Topics: • Economic Development • Infrastructure • Public Safety • Community Programs • Palm Desert’s Future CTA: Friday, September 18 | 11:30 AM JW Marriott Desert Springs Resort
Former Silvercrest CEO, William Rodriguez is expected back in court today in connection with the deadly 2024 Cathedral City hit and run that killed a woman. The murder charge was dismissed, but Rodriguez still faces felony hit and run and suspended license charges.
Social Time with Thalia & Jerry
Murder suspect Vicky Kim has once again not been cleared to appear in court. Kim is accused of killing her husband at their Palm Desert condominium complex. Her arraignment has now been delayed three times. Stay tuned with NBC Palm Springs as we track the latest developments in this case. #VickyKim #PalmDesert #CoachellaValley #BreakingNews #CourtUpdate NBCPalmSprings
Palm Springs is mourning the loss of beloved entertainer James “Gypsy” Haake, who has died at 94. Haake began his entertainment career at just 19 years old as a Broadway chorus dancer. After retiring from the stage, he returned to performing at 82, becoming the host of Carnival Cabaret at Oscars in downtown Palm Springs. A longtime friend of our station, Haake was a familiar and beloved figure in the Palm Springs entertainment community — and his contributions were recognized with a star on the Palm Springs Walk of Stars. His career spanned more than seven decades, proving that the spotlight never truly left him. ❤️ Rest in peace, James “Gypsy” Haake. Your legacy will live on in Palm Springs. #JamesGypsyHaake #PalmSprings #PalmSpringsWalkOfStars #CarnivalCabaret #PalmSpringsEntertainment #OscarsPalmSprings #PalmSpringsHistory
Social Time with Thalia & Jerry
Who makes the NBC Top 3, winner will be announced Sunday night on NBC Palm Springs, with the player who makes the number one spot winning a $250 prize from @hondaofthedesert! Comment below if it will be 1) Sterling Conley with the rushing TD, 2) Marcus Kennedy with the touchdown catch, 3) Cade Pinon with the big time sack, 4) Kingston Pellum with the pick-6, or 5) Caleb Hartwell with the saving throw #fypage #fridaynightlights #football #hondaofthedesert #highschoolfootball
James Nellis from @dsrt_club_lq and @rd_rnnr_lq makes us one of his signature dishes, his Maine scallops with hibiscus puree. His creativity and skill lead to unique bold flavors and scrumptious dishes. We chat about his love of trying new things in the kitchen, what being a chef means to him, and how food can different, flavorful, and fun. This is James Nellis on a plate. See it now on nbcpalmsprings.com