Elon Musk again loses the top spot as the richest person in the world

  • Elon Musk’s net worth fell by about $2 billion to $184 billion as of Thursday, according to Bloomberg.
  • This makes him the second richest person in the world after LVMH CEO Bernard Arnault.
  • Musk ousted Arnault from the top 48 hours ago but was hit by a plunge in Tesla stock on Wednesday.

Just 48 hours after reclaiming his crown as the world’s richest person, Elon Musk has been dethroned – once again.

He was bumped to No. 2 after his net worth fell about $2 billion to $184 billion, according to the Bloomberg Billionaires Index on Thursday. Musk – the CEO of Tesla – is now the second richest person in the world after Bernard Arnault, the CEO of LVMH, who is worth $186 billion.

The role reversal came just two days after Musk ousted Arnault at the helm. The Frenchman ditched Musk in December after Tesla’s stock price fell 65% in 2022 due to a variety of factors including a weak economy, a slump in demand in China, Musk’s messy Twitter acquisition hurting investor sentiment subdued, and a broader tech sell-off.

Musk’s slide from the top spot follows a fall in Tesla stock — shares closed 1.4% lower at $202.77 on Wednesday. They extended declines in after-hours trading to end 5.7% lower after Tesla’s investor day in Austin, Texas on Wednesday. Since Bloomberg derives much of Musk’s net worth from his 13 percent stake in Tesla, a fall in stock prices would hurt his wealth.

Investor sentiment could have taken a hit as Tesla failed to unveil a budget-friendly electric vehicle at Wednesday’s event. Before the event, there were market rumors that Musk could announce a $25,000 car.

“It’s no surprise that Tesla stock is down over 5% in the hours following Tesla’s Investor Day, as it has fallen short for investors on details about new Tesla products or services,” wrote Greg Bassuk , the CEO of wealth management firm AXS Investments in a Wednesday note that Insiders saw.

Bassuk added that investors were blown away waiting for concrete details of Tesla’s plans to remain competitive in an increasingly crowded and price-sensitive EV market — but that didn’t materialize.

Despite Wednesday’s pullback, Tesla stock is still up 65% so far this year on improving demand for aggressive price cuts and favorable U.S. tax credit changes for electric vehicles.

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