It’s time to break out the world’s smallest violin as Elon Musk is no longer the richest man on earth.
According to Forbes, Tesla’s stock dropped on Monday and this resulted in Musk having an estimated worth of $181.3 (£146.5 / €170.5) billion. That was a decline of $7.4 (£5.9 / €6.9) billion and it meant the Chief Twit was the second richest person in the world.
Also: Tesla Investors And Customers Think Elon Musk’s Twitter Antics Are Hurting The Brand
Now, the world’s richest person is Bernard Arnault, who is co-founder, chairman, and chief executive of LVMH Moët Hennessy – Louis Vuitton SE. Forbes notes he ended Monday with an estimated worth of $186.2 (£150.2 / €175) billion, which put him $4.9 (£3.9 / €4.6) billion ahead of Musk.
While the outspoken executive won’t be forced to clip coupons anytime soon, his fall from the top spot has been a long time coming. Tesla’s stock price has fallen over 50% in the past year and is $160.44 (£129.71 / €150.93) per share as of this writing. That’s a far cry from the old days when Musk wanted to take Tesla private at $420 (£339.66 / €395.17) per share and infamously claimed “funding secured.”
Tesla’s stock price has dropped nearly 29% since he purchased Twitter and many investors are concerned the social media site is a distraction that has taken Musk’s attention away from Tesla. Making matters worse, Musk’s social media antics have annoyed some customers and investors. This risks tarnishing his image and sending car buyers elsewhere.
