Elon Musk was the world’s richest person by a huge margin a few months ago, as of this week he is no longer number one as Tesla’s stock has dropped more than 3% today and more than 50% year to date.
Musk is Tesla’s largest individual shareholder, holding approximately 14% of the company. Tesla’s stock price has dropped more than 50% in the last year, and it is currently trading at $160.44 per share. Tesla’s stock price has fallen nearly 29% since Musk purchased Twitter, and many investors are concerned that the social media site has become a distraction that has diverted Musk’s attention away from Tesla. According to reports, Elon Musk is stepping down as Tesla’s CEO and handing over the reins to Tesla’s Chinese President; only time will tell if this move will turn things around.
Musk currently ranks second on Forbes’ real-time billionaires list, with a net worth of $176.6 billion. According to Forbes, Musk’s fortune has dropped by roughly $4.7 billion since 5 p.m. Monday.
Bernard Arnault, the CEO of the French luxury conglomerate LVMH, has taken Musk’s place. According to Forbes, Arnault and his family’s fortune is now worth $188.6 billion, more than anyone else in the world. This isn’t the first time Arnault has surpassed Musk; he briefly held the top spot last week before the Tesla CEO reclaimed it. This week, the number one slot has slipped away from him again.