Elon Musk no Longer World's Richest Man as Bernard Arnault Takes Over

• Elon Musk loses the world's richest man position to Bernard Arnault as wealth declined to $236.6 billion
• The decline follows a dip in the share of Tesla, one of the billionaire’s major source of income
• Most recently, Musk reclaim the number one spot as the wealthiest man in the world from Bernard Arnault in June.

In a recent development, the wealth of Billionaire Elon Musk has declined realty to reach $236.6 billion, losing his position as the world riches to Bernard Arnault and family.

Real-time data by Forbes shows that the Tesla and Space X founders is now second on the list and is immediately followed by Jeff Bezos and Larry Ellison with $152.7 billion and $147.6 billion net worth.

This comes after the after Tesla Inc. went tumbling after a major announcement by the company to further cut price of its electric vehicle.

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Tony Elumelu gains N3.3 billion in one day from the sale of UBA shares

The 52-year-old's investments in Twitter, Space Exploration Technologies, and the EV company are the main sources of his fortune. On Wednesday, his wealth soared by roughly $118 billion as shares of Tesla rose by 136%.

The development follows report by legit.ng that the billionaire was on track to become the world's first trillion-dollar man before another setback.

Another report however shows that The world's richest man, Elon Musk, emerged as the biggest loser in a day that saw tech stocks post massive losses a whopping $20 billion sliced off his net worth, thanks to the shares of Tesla, which plummeted by 28.36% to trade at $262.90.

Musk still winning despite losing

Meanwhile, Musk maintains his number one position on the Bloomberg list, with $232 billion net worth while Arnault has a record of $204 billion following the Tesla founder.

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Elon Musk will wait longer to become the world's first trillion-dollar man after $20bn setback, not the first time

According to the Bloomberg Billionaires Index, Elon Musk's net worth rose to a mouth-watering $255 billion on Wednesday, July 19, 2023 as Tesla shares surged 136% year-to-date.

Event leading to loss

Fortune earlier reported that the Billionaire lost $20.3 billion Thursday after Tesla Inc. warned it may have to keep cutting the prices of its electric vehicles, sending shares tumbling.

The drop in net worth to $234.4 billion is the seventh-largest decline ever among those in the Bloomberg Billionaires Index, and further narrows the wealth gap between Musk and Bernard Arnault, the world’s two richest people. Musk’s fortune still exceeds that of Arnault, chairman of luxury goods maker LVMH, by about $33 billion.

Elon Musk Reclaims World's Richest Man Title

Legit.ng had earlier reported that Tesla CEO took back Elon Musk Reclaims World's Richest Man Title in June.

Musk, who earned over $1 billion in the last 24 hours, dethroned the Frenchman after occupying the second spot for over six months.

The Twitter CEO saw the shares of Tesla roar to trade at about $203.93 on Wednesday, May 31, 2023, to shore up his net worth to about $192 billion, while Arnault moved to the second position at $187 billion, having lost $5 billion in the last 24 hours.

Source: Legit.ng