Elon Musk has officially lost his position as the richest person in the world.
Musk’s net worth officially dropped to $185.7 billion today, forcing him to relinquish his spot as the wealthiest person in the world. Musk was overtaken by Bernard Arnault and Family, responsible for Moet Hennessy Louis Vuitton, with a net worth of $185.8 billion. Musk’s net worth dropped by 1.81 percent on Wednesday, while Arnault’s increased by just .41 percent, at the time of publish.
Forbes tracks the wealthiest people in the world with its Real-Time Billionaires tracker.
Musk’s net worth has mostly dropped due to a significant slide in Tesla’s stock price, which has been demolished over the past year. Down over 50 percent, Tesla’s valuation dropped from its once $1 trillion level to just $538.06 billion today. The stock has been heavily affected by increased EV competition in the United States and Musk’s acquisition of social media platform Twitter, which was finalized in late October.
Today, Tesla stock continued to slide and was down over 3.6 percent at 11:41 AM on the East Coast. Analysts have continued to speculate what could be driving the stock’s plunge, with most set on Musk’s Twitter venture as the ultimate distraction, which could affect Tesla’s brand.
“Ultimately, this circus show has not gotten better. It’s gotten worse since Musk took over Twitter. We’ve seen that the last few weeks and my issue is more about brand deterioration for Tesla.” Dan Ives recently said to CNN. “Musk is so associated with Tesla, with the premium that the stock gets. That’s been a bit of our concern. Also, just his attention, it’s going to be a tough juggling act here.”
Musk’s net worth swelled to well over $200 billion in October 2021, when he overtook former Amazon CEO and space travel rival Jeff Bezos from the spot for the second time. The first occurrence took place in January 2021 when Musk’s net worth sat at levels nearly identical to today.
Arnault and Musk now sit in front of Gautam Adani of India, Jeff Bezos, and Warren Buffett in the Top 5 Billionaires list.
Disclosure: Joey Klender is a TSLA Shareholder.
Keyword: Elon Musk loses crown as Forbes’ Richest Person