In a surprising twist, 52-year-old CEO of Tesla, Elon Musk, has been dethroned as the world’s richest man, according to Forbes billionaire index data. Bernard Arnault, the long-term competitor and French luxury goods tycoon, now claims the top spot with a net worth of $237.3 billion as of the latest report.
Musk’s downfall from the wealthiest position occurred due to a dramatic decline in Tesla’s stock value. On Thursday, he suffered a staggering loss of nearly $20 billion, resulting from a significant fall in investor confidence. Tesla’s once-surging shares have plummeted by over 7% this week, leading to a substantial decrease in Musk’s net worth to $236.5 billion.
On the other hand, Arnault’s relatively stable week allowed him to surpass Musk by $1.6 billion. The 74-year-old billionaire, known for owning iconic brands like Louis Vuitton and Christian Dior, had a modest 3% drop in shares leading up to Friday.
This shift in fortunes demonstrates the dynamic nature of the billionaire landscape, influenced by market dynamics, investor sentiment, and company performance. As Musk strategizes to regain his standing, the financial world eagerly anticipates further developments in this gripping billionaire saga.