Elon Musk, the 52-year-old CEO of Tesla, has been dethroned as the world’s richest man, according to Forbes billionaire index data.
His long-term adversary, Bernard Arnault, now owns the coveted top spot on the Forbes billionaire index, with a staggering net worth of $237.3 billion as of the most current report.
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This unexpected shift in fortunes comes less than a month after Musk was dethroned as the world’s wealthiest person due to a dramatic drop in Tesla’s stock value.
Musk suffered a big loss of over $20 billion on Thursday as a result of a significant collapse in market confidence.
Tesla’s once-rising stock price, which propelled Musk to the company’s helm, has collapsed.
Tesla’s once-rising stock, which sent Musk to the top of Forbes’ billionaire list in June, has dropped by more than 7% this week.
Musk’s net worth has plummeted by roughly $21.2 billion as a result of the market upheaval, leaving him with a total net worth of $236.5 billion as of Sunday morning.
Surprisingly, the new frontrunner, French luxury goods magnate Bernard Arnault, spends $1.6 billion more than Musk.
Despite reporting better-than-expected earnings, Tesla received a negative reaction from investors concerned about the company’s possible overvaluation, given its massive $818 billion market value.
As a result, stocks fell more than 10% on Thursday, with another 0.5% decline at midday on Friday.
Given Musk’s substantial stake in Tesla (approximately 23% through shares and options), the market’s decline takes a toll on his networth.
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LVMH CEO Bernard Arnault, on the other hand, had a less stressful week. The 74-year-old French tycoon’s shares, which hold iconic brands such as Louis Vuitton, Christian Dior, and Tiffany, plummeted 3% in the week leading up to Friday.
Arnault has reclaimed the top rank for the first time since Musk surpassed him in late June amid Tesla’s rising share prices.
