Elon Musk won his crown as the world’s richest person back – and then lost it again within 48 hours.
The Tesla billionaire regained the top spot earlier this week over the French magnate Bernard Arnault, owner of the luxury group LVMH for the second time.
Musk’s total assets are now worth $187.1 billion.
However, a five percent drop in Tesla shares means the Frenchman has once again leapfrogged the Twitter owner.
The stock drop caused the billionaire’s net worth to fall by nearly $2 billion and allowed Mr. Arnault to regain the title.
A similar situation occurred last year when he was dethroned by the Frenchman, as Tesla shares dropped.
However, the company was on a roll until Wall Street was dissatisfied with Tesla’s 2023 Investor Day this week.
Tesla stock had soared 100 percent since January this year due to rising investor demand, customer interest in recently discounted Tesla models, and a better economic outlook.
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Mr. Musk’s situation looked drastically different as recently as December.
Between November 2021 and December 2022, Musk’s wealth fell by more than $200 billion, one of the biggest losses of fortune in history.
The precipitous drop was caused by the rapid decline in the value of Tesla shares at the time.
Last year was the company’s worst year on Wall Street, with a $700 billion loss.
It was due to investor concerns about the impact of Covid in China and Mr. Musk’s contentious purchase of Twitter.
Source: The Independent