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- Bloomberg reports that Elon Musk's net worth dropped by $2 billion to $184 Billion on Thursday.
- He is now second in wealth after Bernard Arnault, CEO of LVMH.
- Musk knocked Arnault off top spot 48 hours back, but he was hit on Wednesday by a drop in Tesla stock.
Elon Musk was dethroned again just 48 hours after he claimed his title as the world's wealthiest person.
He was bumped up to No. According to the Bloomberg Billionaires Index, his net worth dropped by $2 billion to $184 billion on Thursday. Musk, who is CEO of Tesla, is now the second-richest person in the world after Bernard Arnault (CEO of LVMH), who has a fortune worth $186 billion.
Two days after Musk defeated Arnault, the role reversed. After Tesla's share price plummeted by 65% in 2022, the Frenchman had to replace Musk. This was due to a variety of factors, including a weak economy, slowing demand in China, Musk’s messy Twitter acquisition, which dampened investor sentiment, as well as a wide-based tech selloff.
Musk's fall from the top spot is due to a drop of Tesla stock shares closing at $202.77 on Wednesday. After Wednesday's Investor Day at Tesla in Austin, Texas, Musk's shares fell 5.7% in after-hours trading. Bloomberg's 13% stake in Tesla is what provides Musk with much of his net worth, so a drop in share prices could have devastating effects on his fortune.
Investor sentiment may have taken a tumble as Tesla didn't unveil an affordable electric car at Wednesday's event. Market rumors suggested that Musk might announce a $25,000 vehicle.
"It's not surprising that Tesla stock fell more than 5% in hours following Tesla's Investor Day," Greg Bassuk (CEO of AXS Investments), wrote in a Wednesday letter seen by Insider.
Bassuk said that investors were also underwhelmed because they waited for concrete details about Tesla's plans to remain competitive in an increasingly crowded and price sensitive EV market. But, this did not happen.
Despite Wednesday's setback Tesla stock is up 65% this year, largely because demand has improved following aggressive price cuts in the US and favorable tax credit changes.
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By: htan@insider.com (Huileng Tan)
Title: 48 hours after he was crowned the world’s richest person, Elon Musk loses top spot — again
Sourced From: www.businessinsider.com/elon-musk-loses-top-spot-world-richest-billionaire-net-worth-2023-3
Published Date: Thu, 02 Mar 2023 03:44:47 +0000
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