Forbes latest report has shown that Bernard Arnault, the owner of luxury brand Louis Vuitton’s parent company LVMH toppled Elon Musk as the world’s richest man with a total net worth of $185.4 billion.
Elon Musk’s total net worth dropped on a 3.21% decline in the value of Tesla shares on Wednesday to close at $174.04 a unit. Year-to-date, Tesla has lost $225.89, or 56.48% of its value, Investors King research has shown.
Musk 51, who recently acquired Twitter for $44 billion, worth $185.4 billion at the time of writing following a $3.8 billion or 2.01% decline in its total net worth.
According to Forbes, Musk is a cofounder of six viable companies like electric car maker Tesla, rocket producer SpaceX, tunneling startup Boring Company and others.
The billionaire presently owns around 25% of Tesla’s equity both in stock and options. However, he has used more than half of that as collateral for loans.
Bernard Arnault, 71, net worth gained $424 million or 0.23% in the last 24 hours to topple Elon Musk as the world’s richest man.
Musk became the world’s richest man for the first time in September 2021 when he took over from Jeff Bezos, the founder of Amazon.com. Since then, he has remained number one on the list.
However, his net worth plunged below $200 billion on November 8 after Tesla investors accused him of spending more time with his latest acquisition, Twitter than with Tesla. A situation they were worried would impact Tesla’s performance.
The exodus dump hurt both Tesla’s market value and net worth of Musk, who was the company’s largest shareholder and top decision-maker.
Tesla’s total market value has plunged by around $70 billion since the billionaire bid for Twitter in April. Elon Musk later paid $44 billion to acquire Twitter in October, and did so with $13 billion in loans and a $33.5 billion equity commitment.