Elon Musk Briefly Loses Top Spot On Richest List
"); jQuery("#212 h3").html("
"); });
2022-12-08 HKT 02:41
Share this story
Tesla-owner Elon Musk briefly lost the top spot on Forbes' billionaire list on Wednesday to Bernard Arnault, whose family owns the world's leading luxury group, LVMH.
With US tech stocks sliding as interest rates and recession fears rise, Musk's fortune briefly fell below that of the Arnault family.
But around 1730 GMT Musk was back on top at US$184.9 billion, followed by Arnault and his family at US$184.7 billion.
Indian businessman Gautam Adani was in third place at US$134.8 billion, with Amazon founder Jeff Bezos in fourth at US$111.3 billion.
Arnault had also topped the Forbes list for several hours in 2021.
His LVMH group, with includes dozens of brands including Louis Vuitton, Givenchy, and Kenzo, has continued to post strong revenue and profit growth despite the latest global economic headwinds.
Musk's fortune is primarily tied to the share price of Tesla, and the entrepreneur has been at the centre of controversy after having taken over Twitter in late October. (AFP)
US Stocks Rise On Hopes Of Pause In Rate Increases
Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more
China's Financial Risks 'controllable': Regulators
The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more
Banks Cut Yuan Deposit Rates, Could Boost Consumption
China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more
Cheese And Wine Put EU, Australia Deal In Peril
Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more
US Stocks End Mixed As Tech Shares Are Sold Off
Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more
Amazon 'plans Prime Video Streaming Service With Ads'
Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more