Elon Musk Loses $13 Billion as Arnault’s LVMH Threatens to Overtake Tesla in Market Cap
- Elon Musk is gradually skidding off the wealth ladder after losing $13 billion in one month
- He is currently ranked second on the list of wealthiest persons in the world
- The position of his Tesla company as the one most capitalized company is threatened by LVMH, owned by the riches man in the world
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Elon Musk maintains a distant second place as the wealthiest man in the world following a drop in his net worth.
The Tesla CEO is now worth $163.9 billion behind Bernard Arnault, the owner of luxury firm LVMH who is worth $213 billion.
Source: Getty Images
A fight for dominance
The two billionaires have been jostling for first place since Arnault emerged as the wealthiest person in the world last December.
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The drop in Musk's wealth caps a chaotic week for the billionaire after SpaceX's Starship rocket exploded minutes after liftoff last week during a test flight.
Also, Tesla's share price plummeted after its earnings dropped, and Twitter's top users started seeing their blue tick disappear from their accounts.
The development in the EV maker directly affects Musk's net worth as the company's share price fell after it posted a 24% on-year fall in profit to $2.5 billion, partly due to its aggressive price reductions.
The company's share price later closed 9.8% lower at $162.99 last Thursday.
According to Bloomberg, Musk derives his net worth from a 13% stake in publicly traded Tesla, a 42% stake in SpaceX, and a 79% share in Twitter.
A luxury brand threatens Tesla's position
However, Bernard Arnault's luxury empire has smashed the $500 billion market value, overtaking Exxon and threatening Tesla.
The French company owned by the world's richest person is now closing in on Elon Musk's Tesla for the ninth place on a list of the world's biggest firms by market cap and has broken into the top 1o, Bloomberg says.
Tesla's market cap is valued at $505 billion after it reported a profit dip.
Arnault became the first person outside the US to surpass the $200 billion wealth milestone and the third person in history to reach that level of wealth after Musk and Jeff Bezos, the founder of Amazon.
Elon Musk makes N4.45trn in one week, now one step closer to reclaiming title as the world's richest man
Legit.ng reported that Elon Musk, on Monday, February 6 2023, made a whopping $3.9 billion(N1.81 trillion) to push his total earnings in one week to N4.45 trillion($9.8 billion).
Musk's earnings on Monday, February 6, is more than the entire N1.76 trillion budget of Lagos State for 2023.
According to Forbes, the Telsa CEO now has a total wealth of $188.1 billion compared to $178.3 billion net worth as of January 31, 2023.
Source: Legit.ng
