Tesla CEO Elon Musk has lost his crown as the world's richest person, as the value of his luxury electric car company continues to fall.
According to Bloomberg, which tracks billionaires' net worth, Musk lost the No. 1 position to France's Bernard Arnault, the CEO of the luxury group LVMH.
Tesla's stock has more than halved in value this year due to a sell-off after Musk's $44 billion acquisition of social media company Twitter. Tesla's stock has also been impacted by its disappointing quarterly results as well as ongoing disruptions at one of its factories in Shanghai.
Tesla shares were trading at $340.79 on April 13, the day before Twitter revealed that Musk made a hostile bid worth $43.4 billion. Since then, the Tesla share price has slumped over 50% and is currently trading below the $160 mark.
According to Bloomberg's index, Musk is now worth $164 billion and has lost nearly $107 billion in year-to-date period.
Meanwhile, Arnault is currently worth $171 billion. He has only lost a mediocre $7.19 billion in the year-to-date period. Arnault has become the first European to top Bloomberg's list of the world's richest people.
Arnault, through holding vehicles and family trusts, owns a little over 60% of LVMH's voting share class, according to SEC filings.
Musk is expected to keep his No. 2 position for near future as his net worth is much bigger than that of Indian industrialist Gautam Adani, who sits at No. 3 with a net worth of $125 billion, and Amazon founder Jeff Bezos, who is ranked 4th with a net worth of $116 billion.
For comments and feedback contact: editorial@rttnews.com
Business News