Elon Musk has once again lost his spot as the world’s richest person just 48 hours after reclaiming the title. Fortune reported. Earlier this week, the chief of Tesla and SpaceX briefly retook the number one spot on the global wealth pyramid. According to Bloomberg Billionaire Indexhis net worth reached an estimated $187.1 billion.
However, Fortune reported that shares of Tesla fell more than 5% on Wednesday, dropping Mr. Musk’s net worth by nearly $2 billion and allowing French billionaire Bernard Arnault, CEO of French luxury brand Louis Vuitton, to recapture the top spot. Mr. Musk’s net worth fell $1.91 billion that day to $184 billion. This placed him under Mr. Arnault’s $186 billion fortune.
Notably, the role reversal took place just two days after Mr Musk knocked Mr Arnault out of first place. The French billionaire fired the Twitter chief in December after Tesla’s share price fell 65% in 2022 due to various factors.
However, Tesla was up 100 percent, driven by increased investor demand, customer interest in recently discounted Tesla models and a better economic forecast, according to Bloomberg. But things looked very different for Mr. Musk in December. Between November 2021 and December 2022, Mr. Musk’s net worth dropped by more than $200 billion, which was considered one of the largest asset losses in recent history.
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The rapid fall in the value of Tesla stock at the time caused the sudden crash. The company had its worst year ever on Wall Street last year, losing $700 billion amid investor fears over the effects of COVID-19 in China and Musk’s controversial acquisition of Twitter.
Mr Musk himself joked about his sometimes chaotic finances. Last week, he joked on Twitter that after his ongoing takeover of the microblogging website, he spent $44 billion in 2022 to take over “the world’s largest non-profit organization.”
In November, Musk tweeted that the microblogging site was losing nearly $4 million a day. The billionaire subsequently led deep layoffs at the social media company. Recently, Twitter announced its eighth round of layoffs. Notably, it has reduced its workforce by nearly 75%, from 7,500 employees to about 2,000 in recent months.
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