Elon Musk No Longer World's Richest Man After Losing $1.9 Billion In A Day

Elon Musk No Longer World’s Richest Man After Losing $1.9 Billion In A Day

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Fortune reported that Elon Musk has once again lost his spot as the world’s richest person, 48 hours after gaining the title.

Earlier this week, the heads of Tesla and SpaceX briefly retook the number one spot on the global wealth pyramid. According to the Bloomberg Billionaires Index, his net worth is estimated at $187.1 billion.

However, Fortune reported that Tesla shares fell more than 5% on Wednesday, reducing Mr. Musk’s net worth by nearly $2 billion and pushing French billionaire Bernard Arnault, CEO of French luxury brand Louis Vuitton, to take the top spot.

Mr. Musk’s net worth decreased by $ 1.91 billion to $ 184 billion that day. This put him just below Mr. Arnault’s $186 billion fortune.

Notably, the role reversal happened two days after Mr. Musk ousted Mr. Arnault from the top spot. The French billionaire ousted the Twitter chief in December after Tesla’s share price plunged 65% in 2022 due to various factors.

However, according to Bloomberg, Tesla was up 100 percent due to increased investor demand, customer interest in recently discounted Tesla models, and an improved economic forecast.

But as recently as December, things were looking very different for Mr. Musk. Between November 2021 and December 2022, Mr. Musk’s net worth fell by more than $200 billion, in what was considered one of the biggest losses of wealth in recent history.

The rapid decline in the value of Tesla’s shares at that time caused a sudden crash. The company had its worst year ever on Wall Street last year due to investor fears about the effects of COVID-19 in China and Mr Musk’s controversial acquisition of Twitter.

Mr. Musk himself shed light on his sometimes chaotic finances. Last week, he joked on Twitter that after a series of acquisitions of the micro-blogging website in 2022, he had spent $44 billion to acquire “the world’s largest non-profit”.

In November, Mr. Musk tweeted that the microblogging site was losing about $4 million a day. The billionaire presided over deep layoffs at the social media company.

Recently, Twitter announced its eighth round of layoffs. Notably, it has reduced its workforce by around 75% in recent months from 7,500 employees to around 2,000.

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Information Source: NDTV

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