Elon Musk is currently the second richest person in the world after falling from the top spot last week following a 50% drop in Tesla’s stock.
As of right now, French businessman Benard Arnault, the owner of fashion giant LVMH, is the world’s richest man.
According to Forbes, Musk is worth about $174 billion, while Bernard Arnault has a net worth of about $187 billion.
Musk’s declining fortunes: Musk could potentially drop to third place on the rich list if Tesla stock declines to a level slightly below $100. While this is a probability, it could happen considering the negative publicity surrounding Musk which has inevitably impacted negatively on his businesses.
If and when Elon Musk does drop from the second position, he will most likely not be replaced by any popular name like Amazon founder Jeff Bezos. Not at all. Instead, the second spot would likely go to Indian businessman Gautam Adani, who is currently third on the Forbes list with a net worth of about $133 billion. Bezos would still come in fourth place.
About Gautam Adani: He is the founder of Adani Group, an Indian conglomerate with seven publicly traded companies operating in the energy and transportation sectors, among other sectors. The combined market value of these seven companies is about $230 billion. With an average gain of about 100% so far in 2022, the companies’ shares have had an incredible run.
More on our projection: If Tesla stock drops below $75, Musk would drop to the fourth position behind Bezos, assuming nothing else changes for Bezos or the other billionaires on the list.
In case you missed it: Elon Musk recently sold about 22 million additional Tesla shares worth around $3.6 billion, according to regulatory filings disclosed on Wednesday, December 14.
Since the start of the year, Tesla shares have been declining, sliding even further after Musk was ‘forced’ to buy Twitter.
According to the Wall Street Journal, Tesla shares closed down 2.6% on Wednesday at $156.80, dropping the company’s market capitalization to $495 billion. Tesla shares were down 55% year-to-date as of Wednesday’s close. According to the Wall Street Journal, this is the lowest since November 2020. The latest slide dragged the company’s market value below $500 billion
