Elon Musk Loses World's Richest Tag Again: How Things Changed So Quickly

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk is no longer the world’s richest person. He’s been once again pipped by Bernard Arnault, the CEO of LVMH Moet Hennessy Louis Vuitton SA (OTC: LVMUY).

What Happened: Musk’s worth at the time of writing was $176 billion, while Arnault, who leads the fashion and cosmetics empire that spans nearly 70 brands, was worth $187 billion, according to Bloomberg Billionaires Index.

In a distant third spot was Amazon.com, Inc (NASDAQ: AMZN) Chair Jeff Bezos who at the time of writing was worth $116 million.

Arnault, Musk, and Bezos have added $24.8 billion, $39.3 billion, and $8.62 billion respectively to their wealth so far this year.

See Also: How To Invest In EV Startups

Why It Matters: Musk lost the title of the world’s richest person in a matter of hours after regaining it on Feb. 27.

Shares of Tesla, which constitute most of Musk’s wealth, slipped 5% on Wednesday after traders were dismayed by the company’s 2023 Investor Day.

On the flip side, Arnault’s fortune saw a spike of $2 billion after a EUR 1.5 billion ($1.6 billion) share buyback sent LVMH stock upwards. 

Thursday didn’t provide any respite to Tesla investors as the shares slipped another nearly 5.9%. 

The investor day was dubbed “long on aspiration, short on detail,” by Future Fund co-founder Gary Black.

Price Action: On Thursday, Tesla shares closed 5.85% lower at $190.90, according to Benzinga Pro data.
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