Just 48 hours after surpassing French billionaire Bernard Arnault as the richest man in the world, Elon Musk lost the top spot once more. As a result of his net worth dropping by over $8 billion to $176 billion on Friday, the Tesla CEO was moved to the second spot.
After Musk’s demise, French billionaire and CEO of the French luxury label Louis Vuitton Bernard Arnault once again rose to the top of the wealth pyramid and is currently in charge with a total net worth of $187 billion.
Following the company’s Investor Day in Texas on Wednesday, Tesla shares dropped more than 5%, which set a downward trend in action. According to reports, Musk’s grand plan fell short of expectations because it offered no new information regarding an affordable electric vehicle.
With his fantasy of a reasonably priced electric car, Musk has long teased the globe. To reach Tesla’s target of 20 million vehicle sales by 2030, the company must enter the mainstream market. Being the centrepiece of Musk’s “Master Plan Part Three,” the inexpensive vehicle was anticipated to be the focus.
The four-hour presentation focused primarily on Elon Musk’s plan to centre Tesla’s future growth around a sustainable energy future by introducing products like heat pumps, but it was devoid of any information about brand-new cars, particularly a more affordable EV like the $25,000 model hinted at more than two years ago.
The electric car manufacturer’s stock is up 65% this year as a result of increasing demand following significant price reductions. He ascended to the top of the list on Tuesday after the CEO of the luxury brand Louis Vuitton Arnault’s $187 billion fortune was surpassed.
According to a source, this was caused by a 100% increase in Tesla shares, which was fueled by increased investor demand and customer interest in its freshly discounted automobile models.
It should be noted that in 2022, Elon held the top spot for several months as a result of the high stakes of Tesla shares, which increased by almost 100% in response to investor demand and sales. Also, it was predicted that Musk would surpass US$ 300 billion in net worth to become the first trillionaire in history. Nonetheless, the regulation remained in place up until December, when multiple reasons caused Tesla prices to decline by 65%.
Yet in 2022, Musk’s wealth plummeted by $200 billion, according to reports, marking the worst loss of wealth in modern times. The sluggish economy, the fallout from Covid-19 in China, and Musk’s contentious takeover of Twitter were the main causes of the Tesla share decline.
After a lengthy reign, the CEO of Tesla and Twitter was deposed, and Mr. Arnault has been in charge ever since. Even though there was a sizable wealth gap between Musk and Arnault, Musk managed to defeat him last week. Unfortunately, the restriction only applied for two days.
Arnault and Musk are positioned at the top of the pyramid of the richest persons in the world, while Bill Gates, Warren Buffett, and Jezz Bezoz round out the top five. Mukesh Ambani, a business tycoon from India, is ranked 11th on the list and is worth USD 79.9 billion.
What’s been happening with Elon Musk’s Twitter lately?
With that, Musk is also figuratively on a roller coaster after taking over for Parag Agarwal as Twitter’s CEO. Due to the back-to-back layoffs, the microblogging site is through some significant turns and changes and has even said goodbye to more than half of its global personnel.
CEO Elon Musk sacked more than 50% of the staff shortly after Twitter gained control. According to a recent article, he continued to terminate roughly 10% of the company’s staff. This indicates that the most recent layoffs at the organisation resulted in the loss of employment for close to 200 workers.