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| Photo by Nahi Khabar 24/7 – via Personal Collection |
Tesla and SpaceX chief Elon Musk has been dethroned as the world’s richest person, according to the latest Bloomberg Billionaires Index released on Thursday.
The ranking showed a sharp dip in Musk’s net worth after Tesla shares fell significantly this week amid concerns over production delays and slowing global demand. His fortune is now estimated at around $208 billion, placing him behind French luxury tycoon Bernard Arnault, who reclaimed the top spot with an estimated $210 billion.
Musk, who has held the No. 1 position for much of the past two years, has seen fluctuations in his wealth due to the volatility of Tesla’s stock price and his heavy investment in ventures like SpaceX and X (formerly Twitter).
Market analysts say Arnault’s LVMH empire, which includes luxury brands such as Louis Vuitton, Dior, and Moët Hennessy, has performed strongly despite global economic challenges, giving him a lead over Musk.
The battle for the world’s richest crown has often shifted between Musk, Arnault, and Amazon founder Jeff Bezos in recent years. Observers note that market performance, currency exchange rates, and corporate earnings continue to play a key role in determining the rankings.
Despite the dip, Musk remains one of the most influential entrepreneurs globally, with investments in electric vehicles, space exploration, artificial intelligence, and social media.
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