Tesla founder and Twitter Inc CEO lost his position as the world’s richest man to French Tycoon- Bernard Arnault, the Chief Executive Officer of LVMH according to Forbes. Musk’s share fell by 4 percent on Monday following which he lost $ 7.4 billion around 700 crores in Indian currency.
His current net worth which is made up of his stock and ownership of the six companies he co-founded, including Tesla, SpaceX, Boring Company, and Twitter, in his folio is $ 176.8 billion a significant drop from the previous $219 billion. His latest investment to buy the bird app has scrambled Tesla shares owned by him. Moreover, the gamble doesn’t seem to have paid off.
Bernard Arnault currently accounts for $11.8 billion more than the Tesla Chief. Bernard and his family in the past two days have saw a gain of $2.7 billion. Bernard Arnault & family owns around 70 companies, including Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer, Bulgari, and Tiffany & Co. and more which add to their immense net worth of $188.6 billion.
Musk’s fall from the Numero Uno position, the first time that’s happened since he became number two in September last year, caps a tumultuous year for the entrepreneur. So far this year, Tesla stock has plunged nearly 60%. Notably, his wealth saw a steep hike in his overall net worth from 2020 to 2022. Musk’s $24.6 billion net worth reached $340 billion in 2022 as recorded by the billionaire’s wealth index. However, with the ongoing drift in the economy and Musk’s tanglement in Twitter deal his fortune plummeted by around $176 billion making him lose around Rs 2,500 crore daily.