Elon Musk unseated again just 48 hours after being crowned world’s richest person
Barely 48 hours after being crowned as the world’s richest person, tech billionaire Elon Musk lost the tag once again since he lost $1.9 billion of wealth in a single day, causing him to slide into second place.
According to Bloomberg Billionaires Index, Bernard Arnault, the founder of luxury goods conglomerate LVMH, has been ranked the richest in the world after his wealth soared by around $2 billion following a $1.6 billion share buyback that sent the company’s stock upward, positioning its status as Europe’s most valuable firm.
The Index has now pegged Musk’s worth at $184 billion, while Arnault’s is at $186 billion.
Fortune reported that Musk's net worth drop was a result of Tesla shares falling by more than 5 per cent on Wednesday that allowed the CEO of the French luxury brand Louis Vuitton to reclaim the top spot.
Tesla’s shares —where much of Musk’s fortune is tied up—tumbled after traders were left disappointed by Tesla’s 2023 Investor Day.
Despite Wednesday's dampener, Tesla stock is still up 65 per cent so far this year following improved demand for electric vehicles in the US due to aggressive price cuts and favourable tax credit changes.
The role reversal had lasted only two days after Musk unseated the French billionaire from the top spot. The two billionaires have been switching places numerous times over the past year as the tight gap between their wealth has been subjected to ups and downs.
In December, Arnault had knocked off Musk to second spot after Tesla's share price fell by 65 per cent due to various reasons, including Musk’s controversial and messy acquisition of Twitter, broad-based tech selloff, and a demand slowdown in China.