Elon Musk boasts many titles. He is currently the Chief Twit, Tesla and SpaceX CEO, and co-founder of The Boring Company and Neuralink.
But for a brief moment, the tech CEO lost his most prestigious title as the "world's richest person."
(Photo : Michael Gonzalez/Getty Images)
BOCA CHICA BEACH, TX - AUGUST 25: SpaceX founder Elon Musk during a T-Mobile and SpaceX joint event on August 25, 2022 in Boca Chica Beach, Texas. The two companies announced plans to work together to provide T-Mobile cellular service using Starlink satellites.
Second Place
Musk has slipped to second place in Forbes' "real-time" ranking of the top 10 richest persons in the world. His estimated net worth is US$184.6 billion. However, according to Forbes, the Chief Twit's worth dipped by 2.4 percent on Thursday, Dec. 8.
Gizmodo claimed that the reported $US4.5 billion loss in Musk's wealth would be sufficient to feed millions of people suffering from hunger this year.
The one who dethroned Musk from the top spot is the billionaire Bernard Arnault and Family, owner of the French luxury goods manufacturer LVMH.
But as of writing, Elon Musk reclaimed his title with a net worth of $185.4 billion while Arnault sits in the second spot with $184.7 billion.
Tesla Stocks
About 20% of Tesla shares are owned or under the control of Musk, which contributes significantly to his immense wealth. However, the vehicle manufacturer's stock price has fallen in recent weeks. Tesla stock is currently down 56% year to date.
The manufacturer of electric vehicles has seen its worth decline as it battles fierce competition in the market. With the introduction of their own electric vehicles, Ford, Hyundai, and other established automakers are undercutting Tesla's sales.
According to Bloomberg's Billionaire Index, he has suffered the largest loss on the wealth index this year, dropping by $100.5 billion after reaching $340 billion over a year ago.
Earlier this year, Musk sold some stock to help fund his $44 billion purchase of Twitter. Musk might have reduced his losses this year if he had kept his millions of extra Tesla shares.
He disclosed that he had sold more Tesla stock in an effort to save the social networking company, which currently has a reduced workforce after mass layoffs and some who fled the company due to Musk's "hardcore" work ultimatum.
Tesla is mostly viewed as a technology company on Wall Street even though it manufactures electric vehicles. With growing concerns about an approaching economic recession, tech stocks have declined, and Tesla was no exception.
The tech-heavy Nasdaq 100 Index has declined by only 29% this year, compared to Tesla's stock price's 52% decline.
Tesla's reliance on China, which adheres strictly to its "zero-COVID" policy, for the production of its electric vehicles can be partly blamed for the decline.
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