A recent report from Forbes billionaire index statistics data shows that the 52-year-old CEO of Tesla, Elon Musk has lost his spot as the world's richest man.
His rival Bernard Arnault now leads the chart to be at the top place on the Forbes billionaire index, with a net worth of $237.3 billion as of the most recent report.
The change in net worth comes less than a month after Musk became the world's richest person, due to a decrease in Tesla's stock value.
Details on How Elon Musk Became The Second Richest Man in the World
Musk experienced a massive loss of roughly $20 billion on Thursday as a result of a major drop in market confidence.
Tesla's once-rising shares, which put Musk at the top of Forbes' billionaire ranking in June, have fallen by more than 7% this week.
As a result of the market turmoil, Musk's net worth has dropped by around $21.2 billion, leaving him with a total net worth of $236.5 billion as of Sunday morning.
Surprisingly, the new holder, French luxury goods mogul Bernard Arnault, passed Musk by $1.6 billion.
From the reports we had some days ago, Musk appeared to be on the rise, with Tesla shares reaching a high in 2023 on Tuesday.
Let's Look at Some Insight on Tesla Stocks and How It Went in These Past Days
When the firm revealed its Q2 financial report after the market closed on Wednesday, there was excitement amongst investors, but this gave way to some negativity to play in the next trading day.
Despite announcing higher-than-expected results, Tesla received a reaction from investors concerned about the company's possible overvaluation, given its whopping $818 billion market value.
As a result of this reaction, shares dropped over 10% on Thursday, while Friday noticed a drop of 0.5%.
Because Elon Musk has a considerable investment in Tesla (about 23% through stock and options), the market fall reduces his net worth leading him to the second position while Bernard Arnault became the richest man in the world with a gap of $1.6 billion. Although, from the looks of things, Musk is still expected to take back his position, but how soon?
Let’s Look at How Bernard Arnault Perform During the Trading Week Last Week
LVMH CEO Bernard Arnault, had a less stressful week even though he noticed some declines in stocks. His shares, Louis Vuitton, Christian Dior, and Tiffany, fell by 3% the week leading up to Friday.
This led to a successful event for Arnault, as he reclaimed the top spot for the first time since Musk displaced him in late June after Tesla's skyrocketing share prices.
The billionaire's standing is constantly shifting as a result of market dynamics, investor mood, and business performance.
As Musk recovers and plans to reclaim his position, the financial world awaits more events in these captivating billionaire stories.