Tesla CEO Elon Musk has once again lost the world's richest person spot just after two days of reclaiming it.
After markets closed on February 27, Musk's net worth was around $187.1 billion just topping the $185.3 billion fortune of French billionaire Bernard Arnault.
As per the Bloomberg Billionaires Index, a daily ranking of the world's richest people, there has been 90 per cent surge in Tesla Inc's stock price this year as well.
The shares of Tesla fell by more than 5 percent on Wednesday (March 1), causing Musk's net worth to drop by nearly $2 billion and allowing French billionaire Arnault, CEO of the French luxury brand Louis Vuitton, to reclaim the top spot. Musk's net worth was down $1.91 billion on the day, to $184 billion, Fortune reported.
Earlier, Arnault rose to the top after Tesla share price fell by 65 per cent in 2022 due to various factors.
Tesla had climbed 100 per cent, driven by increased investor demand customer interest in recently discounted Tesla models, and a better economic forecast, according to Bloomberg.
As per the Bloomberg Billionaires Index, a daily ranking of the world's richest people, there has been 90 per cent surge in Tesla Inc's stock price this year.
Musk also holds the record for the biggest fortune ever lost by anyone in history as well, reported CNN. Musk had became the first person ever to lose $200 billion in wealth last year.
The Bloomberg data had revealed that Tesla's gains have far outpaced the rally in the tech-heavy Nasdaq 100 Index which is up about 10 per cent in 2023.
The Tesla CEO Musk holds about 304 million excercisable stock options from his 2018 compensation package in the company.
In April 2022, Musk offered to buy Twitter Inc for $44 billion. The deal closed in October 2022. He is calculated to won about 79 per cent of the company based on external investors disclosed in May 2022.
Musk had entered 2023 with a net worth of $137 billion.