Elon Musk Lose No. 1 Richest Spot; Risk Not From Adani, Bezos

Elon Musk Richest: Tesla CEO Elon Musk is potentially on the verge of losing the tag of being the world’s richest person after facing new competition. Musk retained the top spot for well over an year after becoming the richest in September 2021. Since then, he faced tough competition from Jeff Bezos and Indian businessman Gautam Adani. Meanwhile, the share price of Tesla is on a declining trend, which is playing a big factor in Musk’s wealth.

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Tesla Share Price Drop

The sudden turn of events on top of the Forbes rich list can be largely attributed to the steady drop if Tesla share price. Over the last five days, Tesla stock fell by nearly 11.92. The decline continues as it dropped 3.71% during the day. This translates to a drop in Musk’s decline by $3.90 billion on Wednesday alone. With ownership of around 25% of Tesla in stock and options, Musk pledged more than 50% of his stock as collateral for loans.

Meanwhile, Bernard Arnault, the chairman and CEO of fashion business LVMH, added huge fortunes in recent times with rise in his company’s share price. Over the last 30 days, LVMH stock rose by as much as 8.41%. This brought Arnault to the second spot in the rich list. In fact, the fashion business magnate had for a short period overtook Elon Musk at the top spot on Wednesday.

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As things stand, Bernard Arnault is only a few hundred million away from regaining the top place in Forbes rich list. While Musk has a total net worth of $185.30 billion, Arnault is not too far away at $184.70 billion. Whereas infrastructure and commodities giant Gautam Adani has a current net worth of $134.80 billion.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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