By
Bena Ilyas
April 23rd, 2024
Musk has been the world’s wealthiest man since September 2021, when he knocked off Amazon CEO Jeff Bezos.
Tesla (NASDAQ: TSLA) and Twitter CEO Elon Musk has lost his position as the richest man in the world. The businessman is no longer the world’s wealthiest man after a decline in Tesla shares. The EV maker closed down around 6.3% and has lost more than 52% of its value in 2022. As a matter of fact, Tesla has been amassing losses over the past year, losing 47.90% in the last twelve months. The company has also plunged 44.87% in the last three months and 12.11% over the past month. In the last five days, TSLA has shed more than 8% and trades at $168.10. Tesla has lost so much partly due to a sell-off that was triggered by Musk’s Twitter acquisition worth $44 billion.
With the automaker losing so much in recent times, Elon Musk is also at the receiving end. The billions’ wealth is mostly tied to Tesla’s stock, and he has enjoyed the benefits of the increases over the years. TSLA surged over 1,000 in two years and caused a spike in Musk’s wealth. As he falls off the top of the ladder of the world’s richest, LVMH chairman and CEO Bernard Arnault takes over. Arnault is now the wealthiest man in the world, according to Forbes. SEC filings show that the latest richest man holds more than 60% of LVMH’s voting share class through owning vehicles and family trusts. And Forbes reveals that the businessman is worth $186.2 billion. Unlike Tesla’s stock, LVMH has only lost 1.5% since January.
Musk, on the other hand, is valued at $181.3 billion. The Tesla and Twitter CEO has 14% of Tesla’s outstanding shares with a market valuation of %530 billion. He also owns over 40% of SpaceX shares.
As Musk becomes the second richest man in the world on Forbes, The Bloomberg Billionaires Index still ranks the Tesla CEO as the richest in the world. The Bloomberg Billionaire Index says its ranking is based on the calculations “provided in the net worth analysis on each billionaire’s profile page.” According to the index, Musk is valued at $168 billion, while Arnault is worth $167 billion.
Sometime last week, Musk was briefly ranked the second-richest in the world, but he regained the top position. Forbes revealed that the billionaire lost the LVMH boss due to a major drop in Tesla shares. The EV maker investors are concerned that Musk is focusing more on his latest acquisition and neglecting Tesla.
Musk has been the world’s wealthiest man since September 2021, when he knocked off Amazon CEO Jeff Bezos.