Monitoring Desk
ISLAMABAD/AUSTIN: Elon Musk has lost the title of the world’s richest person, just 48 hours after reclaiming it, as he was again overtaken by French billionaire Bernard Arnault, Fortune reported.
Earlier this week, the chief of Tesla and SpaceX briefly clinched the number one spot on the global wealth pyramid when a rally in Tesla’s stock price on Monday boosted his net worth by nearly $7 billion to $187 billion, according to Bloomberg Billionaires Index.
However, Fortune reported that shares of Tesla plunged more than 5 percent on Wednesday, causing Musk’s net worth to drop by $1.91 billion to $184 billion and allowing CEO of the French luxury brand Louis Vuitton, Bernard Arnault, to reclaim the top spot with a net worth of $186 billion.
Tussle for the crown of world’s richest man
Lately, there has been a back and forth tussle between the two richest men of the world to claim the top spot. Musk dethroned Arnault as the world’s richest person a couple of days ago after the French billionaire had unseated the Twitter CEO in December last eyar when Tesla’s share price fell by 65 percent. The rapid decrease in the value of Tesla shares at the time caused the abrupt crash. The electric car maker suffered its worst year ever on Wall Street in 2022, losing $700 billion because of investor apprehensions amid the effects of COVID-19 in China and Musk’s contentious takeover of Twitter.
However, Tesla’s value jumped by 100 per cent recently, driven by increased investor demand, a surge in customer interest in recently discounted car models, and a better economic forecast, according to Bloomberg.
