CEO, and chief engineer at SpaceX, Elon Musk, arrives for the 2022 Met Gala at the Metropolitan Museum of Art on May 2, 2022, in New York. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

OAN Newsroom
UPDATED 6:49 PM PT – Wednesday, December 7, 2022

Elon Musk is once again the world’s richest person.

According to both Forbes and Bloomberg Billionaires Index, it was confirmed that Musk regained his title as the world’s richest person on Wednesday. Musk briefly lost his title for a few hours to CEO of LVMH, Bernard Arnault earlier in the day.

Arnault and his family have a personal combined wealth of $185.4 billion. The LVMH empire oversees 70 fashion and cosmetic brands including Louis Vuitton, Sephora, Tiffany & Co. and Moët & Chandon.

Musk, whose wealth is estimated by Bloomberg to be around $240 billion, hasn’t always been at the top of the heap. His funds have significantly grown since early 2020. In 2020 he was worth just over $25 billion. At that time, his wealth was just 1/10th of where it stands today.

“I don’t have any offshore accounts, I don’t have any tax shelters,” Musk said. “I basically have Tesla and SpaceX stock, everything is extremely transparent.”

Musk is now the owner of Twitter. Some say his purchase could help the social media company be worth $1 trillion one day.

Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC. (Photo by Alex Wong/Getty Images)

OAN Newsroom
UPDATED 7:04 PM PT – Wednesday, December 7, 2022

Economists warned that the U.S. will be facing another recession next year, due to high inflation and shrinking business investment.

Alessio de Longis, Senior Portfolio Manager at Invesco Investment Solutions commented on the matter.

“A recession is not a question of ‘if,’ it’s a question of ‘when.’ We do think that a recession will come at some point maybe in late 2023,” de Longis said.

According to J.P. Morgan Chase’s’ CEO Jamie Dimon, a possible upcoming recession could be “a hurricane” and it could erode money-saving of millions of Americans.

He added that it is still unclear whether the next year’s crisis will be mild or severe.

Meanwhile, investors are worried that an upcoming recession could further cripple business sentiment. Nouriel Roubini, CEO of Roubini Macro Associates made a statement.

“You get in every case a hard landing, even when you have cases of oil heating from a aggregate demand. Let alone when like the 70’s situation with negative supply shocks that have used growth, increasing inflation and we raise interest rates then, then that’d end up in a hard landing,” Roubini said. “So even if we’re in a mild recession, right now the market is, depending on the day, 15% like down.”

Economists say that U.S. stocks could decline by as much as 25% due to a recession next year.

Meanwhile, major American banks are expecting another recession to hit the U.S. economy next year after a technical contraction in the first half of 2022.