Elon Musk Loses His Title Of "World's Richest Man" In 48 hours

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Elon Musk Loses His Title Of "World's Richest Man" In 48 hours
03 Mar 2023
5 min read

News Synopsis

Elon Musk has once again lost his title as the richest person in the world,  just 48 hours after reclaiming it.

Earlier this week, the CEO of Tesla and SpaceX momentarily reclaimed the top spot on the global wealth pyramid.  Elon Musk's estimated net worth according to the Bloomberg Billionaires Index was $187.1 billion.

The CEO of the French luxury brand Louis Vuitton, French billionaire Bernard Arnault, reportedly reclaimed the top rank after the Tesla stock fell more than 5% on Wednesday, reducing Musk's net worth by roughly $2 billion. Musk's net worth dropped by $1.91 billion on the day to $184 billion. He now had a net worth less than Arnault's $186 billion.

Musk only held the top spot on the leaderboard for 48 hours. Notably, the leadership move happened just two days after Musk fired Arnault as CEO. Several factors contributed to the 65% decline in the price of Tesla stock in 2022, which compelled the French billionaire to depose the CEO of Twitter in December.

Bloomberg claims that due to improved economic forecasts, increased investor demand, and consumer interest in recently reduced Tesla models, Tesla has increased by 100%. Yet in December, things appeared drastically different for Musk. From November 2021 and December 2022, Musk's net worth decreased by approximately $200 billion, one of the largest losses in wealth in recent history.

Musk was the world's second wealthiest person for more than two months before being unseated by Arnault following the collapse of Tesla shares in December 2022. But, since January, the stock of the electric car maker has increased by 100%, ending at $207.63 on Monday. Improved investor demand and customer interest in discounted Tesla vehicles have fueled this increase.

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