In a major development, Elon Musk, the owner of Twitter and CEO of Tesla Inc., relinquished his position as the world’s wealthiest individual on Wednesday, according to Forbes. This change in status comes on the heels of Musk’s substantial financial commitments, which include his efforts to acquire the social media giant and divest shares of his electric vehicle company to fund a colossal $44 billion deal.

The new frontrunner in the global wealth ranking is Bernard Arnault, CEO of the parent company of luxury brand Louis Vuitton, LVMH, and his family, whose combined wealth has surged to an astonishing $185.4 billion, as per Forbes’ calculations.

Elon Musk, who had occupied the coveted top spot on Forbes’ list of the world’s richest individuals since September 2021, now finds himself with a net worth of $185.3 billion, narrowly trailing behind Arnault.

Financial markets responded to this development, with Tesla’s shares registering a decline of approximately 4%. This shift marks a significant alteration in the hierarchy of the world’s wealthiest individuals and adds an intriguing chapter to the ongoing competition among global billionaires.

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