It’s not a steady sail for Elon Musk. After losing $1.9 billion in a single day in wealth, Elon Musk lost his spot as the world’s richest person only 48 hours after he reclaimed the title from Bernard Arnault. Earlier last week, he retook the number one spot with the net worth at an estimated $187.1 billion. However, the shares of Tesla fell by more than 5 per cent on Wednesday, trimming Elon Musk’s net worth by nearly $2 billion. His current net worth right now is $184 billion, according to the Bloomberg Billionaires Index. The world’s richest person now is Bernard Arnault, the CEO of LVMH, who has a fortune of $186 billion.
Between November 2021 and December 2022, Musk’s net worth decreased by more than $200 billion. Bernard Arnault had dethroned Musk in December after Tesla share price fell by 65 per cent in 2022 due to various reasons, including demand slowdown, economic situation, Twitter acquisition by Musk which had affected the investor sentiment.
In November, Musk had tweeted saying that Twitter was losing nearly $4 million a day, following which he terminated around two-thirds of the workforce at the social media company. He had, during this time, promised his employees that layoffs were over. However, very recently, Musk laid off at least 200 of its workforce or about 10 percent of the roughly 2,000 employees. He had said that the service was experiencing a ‘massive drop in revenue’ as advertisers pulled spending amid concerns about content moderation. Twitter had recently started sharing revenue from advertisements with some of its content creators. Before this, he had fired dozens of employees across sales and engineering departments.
According to the Associated Press, Tesla has said that it will cut the cost of its next generation vehicles by using innovative manufacturing techniques and smaller factories. The changes might bring the cost of a new generation of vehicles to around $25,000, Tesla said on the sidelines of its investor day presentation.
