Elon Musk No Longer World's Richest Person: Billionaire Loses Title In Just 2 days

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New Delhi: After losing $1.9 billion in a single day, Elon Musk is no longer the richest person in the world. Between November and December of last year, Mr. Musk's net worth decreased by more than $200 billion. Only 48 hours after reclaiming the title, Elon Musk has lost his position as the richest person in the world once more, according to Fortune. The head of Tesla and SpaceX momentarily reclaimed the top position on the global wealth pyramid earlier this week.

His net worth was assessed to be $187.1 billion on the Bloomberg Billionaires Index. But according to Fortune, on Wednesday, Tesla stock dropped more than 5 percent, reducing Mr. Musk's net worth by about $2 billion and reclaiming the top spot for French billionaire Bernard Arnault, CEO of the French luxury company Louis Vuitton. ()

At $184 billion, Mr. Musk's net worth decreased by $1.91 billion on the day. This put him below Mr. Arnault's $186 billion fortune. Significantly, the leadership change took place only two days after Mr. Musk ousted Mr. Arnault from the top job. ()

The Tesla share price dropped by 65 percent in 2022 as a result of many causes, forcing the French billionaire to depose the Twitter CEO in December. According to Bloomberg, Tesla has grown 100 percent as a result of better economic predictions, higher investor demand, and consumer interest in recently discounted Tesla models.

But for Mr. Musk, things looked very different in December. One of the biggest losses of wealth in recent history, Mr. Musk's net worth dropped by nearly $200 billion between November 2021 and December 2022.

The unexpected drop was brought on by the sharp decline in the value of Tesla stock at the time. Last year, the business had its worst year ever on Wall Street, losing $700 billion as a result of investor concerns over the COVID-19 outbreak in China and Elon Musk's disputed takeover of Twitter.

Mr. Musk tweeted in November that the microblogging platform was losing close to $4 million daily. The social media company then had significant layoffs under the billionaire's watch. Twitter has revealed its eighth wave of layoffs. Importantly, it has recently reduced its employment by around 75%, from 7,500 to only about 2,000.