Elon Musk is no longer the richest person in the world, loses the title just in 2 days
Elon Musk is no longer the richest person in the world after losing $1.9 billion in a day. Between November and December last year, Mr Musk's net worth declined by more than $200 billion.
Elon Musk has once again lost his spot as the world's richest person, according to Fortune, just 48 hours after reclaiming the title. The Tesla and SpaceX chief topped the global wealth pyramid earlier this week.
His net worth was estimated at $187.1 billion on the Bloomberg Billionaires Index.But on Wednesday, Tesla stock plunged more than 5 percent, according to Fortune, eroding Mr. Musk's net worth by nearly $2 billion and ceding the top spot to French billionaire Bernard Arnault, CEO of French luxury company Louis Vuitton.
At $184 billion, Mr. Musk's net worth dropped by $1.91 billion on the day. This put him just below Mr. Arnault's $186 billion fortune. Significantly, the leadership change came just two days after Mr. Musk ousted Mr. Arnault from the top post.
Tesla's share price is slated to drop 65 percent in 2022 for a number of reasons, forcing the French billionaire to oust Twitter's CEO in December. According to Bloomberg, Tesla is up 100 percent as a result of better economic predictions, higher investor demand and consumer interest in recently discounted Tesla models.
But things looked very different in December for Mr. Musk. Mr Musk's net worth is set to drop by nearly $200 billion between November 2021 and December 2022, marking one of the biggest losses of wealth in recent history.
The unexpected decline was caused by a sharp drop in the value of Tesla stock at the time. Last year, trading on Wall Street had its worst year ever, losing $700 billion as a result of the COVID-19 outbreak in China and investor concerns over Elon Musk's controversial acquisition of Twitter.
Mr Musk tweeted in November that the microblogging platform was losing about $4 million a day. The social media company then carried out 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 around 2,000.