Barely 48 hours after Tesla CEO Elon Musk regained his positioned as world’s richest man, he has once again been dethroned.
Musk dropped to second the place after his net worth fell by about $2 billion to $184 billion on Thursday, according to the Bloomberg Billionaires Index. Consequently, Musk is now the world’s second-richest person, trailing behind Bernard Arnault, the CEO of LVMH, who is worth $186 billion.
What Happened: According to Bloomberg’s Billionaires Index, which measures the real-time wealth of the world’s wealthiest individuals, Musk lost more than $1.9 billion on Wednesday, slipping into second place behind LVMH CEO Bernard Arnault. According to Bloomberg, Arnault and Musk are valued $186 billion and $184 billion, respectively.
Musk’s fall from first place follows a decline in Tesla stock, which closed 1.4% lower on Wednesday at $202.77. They extended losses in after-hours trading to close 5.7% lower on Wednesday, following Tesla’s Investor Day in Austin, Texas. According to Bloomberg, Musk’s net worth is derived in large part from his 13% stake in Tesla, so a drop in share prices would be devastating to his wealth.
Meanwhile, Arnault’s wealth increased by about $2 billion after a $1.6 billion share buyback sent the company’s stock up and secured its position as Europe’s most valuable firm.
What you should know: Musk’s wealth has fluctuated since November 2020, when he entered the top three for the first time. His fortune has grown by $150 billion since last year, making him the world’s richest person for a brief amount of time. Despite being pushed to second place, Musk remains the world’s second richest individual and the second-richest person in the United States.
Elon Musk has been named the world’s richest person for the second time in 48 hours.
