Musk Sells Richest Man Title to Bernard Arnault as Tesla Crashes Investing.com



Investing.com – Tesla Inc (NASDAQ: ) shares fell 6.27% yesterday, ending the day at $167.82, the lowest close in about two years. Since the beginning of 2022, TSLA has now shown a decline of more than 56%.

Keep in mind that Tesla shares have been hit this year due to risk aversion associated with the rise in central bank interest rates, but also due to the takeover of Twitter (NYSE: ) by Elon Musk, Tesla’s boss.

In fact, investors fear that the accumulation of responsibilities from Musk (who also runs Space X) will prevent him from fulfilling his mission at Tesla.

But this increasingly pronounced mistrust is directly affecting Musk’s wealth, whose wealth consists mainly of his roughly 14% stake in Tesla.

Yesterday’s drop in Tesla stock cost Elon Musk his place as the world’s richest man, according to the Forbes ranking, which estimates that Musk’s fortune fell by $7.4 billion in the stock market alone yesterday, reaching $181.3 billion.

Musk ceded the top spot to LVMH ( EPA: ) CEO, Frenchman Bernard Arnault, who owns just over 60% of LVMH’s voting share class, according to SEC filings. His fortune at yesterday’s close was $186.2 billion, according to Forbes. LVMH shares, which closed up 0.57% yesterday, lost just 1.5% in 2022.

Finally, note that the Bloomberg Billionaires Index, which uses a different method of calculating wealth, still ranks Musk as the richest person in the world with a fortune of $168 billion, compared to Bernard Arnault’s $167 billion.

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