Elon Musk, once the world’s wealthiest individual, has now slipped to the third position in the global rich list, trailing behind Jeff Bezos and Bernard Arnault.
Elon Musk has lost the position of the world’s richest person as the Tesla chief’s net worth has reduced by almost $40 billion so far this year, according to Bloomberg Billionaire’s Index.
Musk has lost the title to Amazon.com founder Jeff Bezos who is now the world’s second richest, while Louis Vuitton’s Bernard Arnault is currently at the top with a net worth of $201 billion.
The decline in Musk’s wealth is due to Tesla’s declining share price, which is down by 29 per cent this year so far and is down 50 per cent from its 2021 peak. A majority of Musk’s wealth comes from his 21 per cent stake in Tesla.