Musk Dethroned Anew As World's Richest Man

Just 48 hours after he reclaimed his crown as the world's richest person, Elon Musk has been dethroned again, kicked off the top spot after Tesla shares tumbled, Huileng Tan reported for Business Insider.

Photo Insert: Musk's slip from the top spot follows a recent drop in Tesla stock, which saw shares closing 1.4% lower at $202.77.

He got bumped to No. 2 after his net worth fell by about $2 billion on Thursday to $184 billion, according to the Bloomberg Billionaires Index. Musk — who is the CEO of Tesla — is now the world's second-richest person after Bernard Arnault, the CEO of LVMH, who has a fortune of $186 billion.

The role reversal happened just two days after Musk knocked Arnault off the top spot.

The Frenchman had unseated Musk in December after Tesla's share price fell by 65% in 2022 due to various factors including a lackluster economy, a demand slowdown in China, Musk's messy Twitter acquisition which dampened investor sentiment, and a broad-based tech selloff.

Musk's slip from the top spot follows a recent drop in Tesla stock, which saw shares closing 1.4% lower at $202.77. They extended declines in after-hours trade to end 5.7% lower after Tesla's 2023 Investor Day in Austin, Texas.

As Bloomberg derives much of Musk's net worth from his 13% stake in Tesla, a fall in share prices would hit his fortune. Investor sentiment could've taken a hit as Tesla did not unveil a budget-friendly electric vehicle at Wednesday's event.

There were market rumors before the event that Musk could announce a $25,000 car.

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