 "Elon Musk loses over $1.9 billion in 2 days to slip to world’s second richest spot")
California: Mere 48 hours after regaining the fame of world’s richest person, Elon Musk has lost the spot to French billionaire Bernard Arnault.
Earlier this week, Musk became the world’s richest person with a net worth of $187.1 billion after his wealth increased by nearly 70 per cent in Tesla Inc.’s stock price this year.
However, shares of electric carmaker, Tesla - tumbled more than 5 per cent on Wednesday after traders were left disappointed by Tesla’s 2023 Investor Day.
Musk loses over $1.9 billion
Tesla CEO, Musk, lost more than $1.9 billion on Wednesday that led him to slide to the second sport of world’s top 10 richest people.
Meanwhile, net worth of Arnault, CEO of the French luxury brand Louis Vuitton, went up by around $2 billion after a $1.6 billion share buyback sent the company’s stock upward.
Also Read: Elon Musk once again becomes world's richest person, know how
According to Bloomberg’s Billionaires Index, which track the real-time wealth of the world’s richest people, Arnault and Musk’s net worth at $186 billion and $184 billion respectively.
Meanwhile, ranking by Forbes, which uses a slightly different methodology from Bloomberg, estimates Arnault’s net worth at $205 billion and Musk’s at $194 billion.
Role reversal
The role reversal happened mere two days after Musk surpassed Arnault to seal his spot again as the world’s number one richest person.
Quick Reads
View AllIt happened so after Tesla Inc.’s stock price shot up about 100 per cent from intraday low on 6 January this year as investors pile back into bets on riskier growth stocks amid indications of economic strength and a slower pace of Federal Reserve interest-rate increases, a report by Bloomberg said.
The Twitter and Tesla CEO earlier lost the spot in December last year to Arnault after his net worth fell by over $200 billion between November and December 2022 making him the first person ever to lose such a massive wealth.
His net worth slid from around $340 billion in November to $137 billion in December. It happened after a massive decline in the value of Tesla shares.
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