Elon Musk has lost his status as the world’s wealthiest person to Bernard Arnault, the French billionaire behind luxury goods giant LVMH, following a turbulent January for Tesla, Fortune reports.
Tesla experienced a 26% drop in its stock price, resulting in a $200 billion loss in market value in January. The automaker faced numerous setbacks, including losing its lead in the EV market to China’s BYD, concerns about vehicle reliability in cold weather, allegations of Musk’s drug abuse, and disappointing Q4 earnings.
Musk’s net worth is now estimated at $205 billion, down from $320 billion in November 2021. Meanwhile, Arnault is now worth $208 billion following a 12% share price gain for LVMH after the company surpassed expectations in Q4 sales.
Musk’s wealth now depends on whether Tesla is valued as an AI company or a traditional car manufacturer. If investors perceive it as the latter, Musk’s wealth could decrease further.
