Electric car maker Tesla CEO Elon Musk is no longer the world’s richest man. Musk was knocked off the top spot on Forbes’ billionaire list after Tesla shares fell 6 percent on Monday, shaving $7.4 billion off Musk’s fortune, Forbes reported. He is now the second richest person in the world behind Bernard Arnault, the co-founder and CEO of French luxury conglomerate LVMH, according to Forbes' real-time billionaires' list. On Wednesday, December 14, Musk’s net worth stood at $176.8 billion, while the net worth of Bernard Arnault & family was $188.6 billion, according to Forbes.
Before sliding to second place, Musk was worth around $184 billion. In the second spot, Musk is still ahead of industrialist Gautam Adani, who ranks third with $134 billion.
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The Bloomberg Billionaires List valued Elon Musk’s fortune at $164 billion compared to Arnault's $171 billion and Adani’s $125 billion.
Tesla shares fell 4 percent as trading started on Monday morning after a weekend of erratic tweeting by Musk.
The company has witnessed a freefall over the past few months with its shares sinking nearly 40 percent since the end of September as compared to the 12 percent advance in the S&P 500 Index, Bloomberg reported. Following the selloff in Tesla shares, the electric carmaker’s market valuation fell below the coveted half-trillion-dollar mark for a brief period of time.
On Tuesday, the shares fell as much as 6.5 percent before closing down 4.1 percent at $160.95 in New York after recouping some of the earlier losses. The stock has been weighed down by concerns about EV demand and its CEO Musk’s preoccupation with the overhaul of the social media platform Twitter, which he recently bought.
Earlier in December, Musk briefly lost his title as the world's richest person after a steep drop in the value of his stake in Tesla and his $44 billion bet on Twitter.
In November, Musk’s net worth dropped below $200 billion as investors dumped shares on fears that the billionaire was more preoccupied with Twitter.
Apart from Twitter and Tesla, Musk also heads spacecraft manufacturer SpaceX and the start-up Neuralink which develops implantable brain-computer interfaces.
(Edited by : Sudarsanan Mani)
First Published: Dec 14, 2022 12:55 PM IST
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