Tesla CEO isn’t the second wealthiest person in the world right now, here’s why

After a big drop in Tesla stock recently, Elon Musk, the founder of Tesla, has slipped to third place on Forbes’ list of billionaires. At the end of the day on Wednesday, the billionaire had lost $6.2 billion.

According to Forbes’ real-time billionaire’s list, Musk’s net fortune has dropped dramatically since January, when the Tesla CEO was estimated at around $197 billion, and despite a recent drop, Musk is currently valued at $150.900 billion.

Although Amazon’s CEO Jeff Bezos remains unstoppable at the top with a wealth of $175.4 billion, the second place is now being occupied by Bernard Arnault, the creator of the LVMH conglomerate, who has a property of $ 155.600 billion. For the data, the LVMH category includes Fendi, Givenchy, Louis Vuitton, Christian Dior, Marc Jacobs, Fenty Beauty, Bvlgari, Tiffany & Co., and Sephora, among other luxury labels.

Musk’s wealth was estimated at $ 166.1 billion until he lost $15.2 billion in a single day in February when Tesla stock plunged 25%. Musk’s tweet was also said to have contributed to the decline. The 49-year-old entrepreneur fell to second place on the list of the world’s richest individuals as a result of the drop.

It comes as no surprise that the ups and downs of Tesla shares (and Musk’s net worth) is just a matter of time because this is standard share market activity. As a result, Tesla stocks may rise in the coming days, refueling Musk’s wealth, but for the time being, he will have to hand over the throne to some other billionaire.