Fakoyejo Olalekan
The world’s two richest, Bernard Arnault and Elon Musk, lost a whopping $7.8 billion in one day, as their companies suffer losses in the capital market.
Musk recorded the biggest loss, with $6.8 billion wiped off from his networth, which dropped to $181.9 billion, representing -3.60 per cent decline.
Join our WhatsApp ChannelThe loss was linked to sell off among Tesla shareholders on Monday, which resulted to the firm’s share depreciating by -5.91 per cent, to hit $168.48 from $179.05 per share.
Despite the loss, Musk retained the number two spot behind Arnault, who lost $1 billion. This reduced the French billionaire’s wealth by -0.54 per cent to $186.2 billion.
Similar to Tesla, Arnault’s company, Louis Vuitton Moët Hennessy (LVMH) saw its share value depreciate by -0.57 per cent in the stock market, declining to €716.20 from €720.30.
Other billionaires that completed the top five; Gautam Adani of India made $231 million to take his wealth to $134.1 billion and hold on to the third spot on Forbes Billionaire Index.
Jeff Bezos, the fourth richest man made $243 million, increasing his wealth to $112.6 billion, and Warren Buffett made $893 million, raising his networth to $107.1 billion.
This means the combine loss of Arnault and Musk is more than what Adani, Bezos and Buffet made combined after trading hours on Monday.
Meanwhile, recall Musk had recently lost his position at the top spot of the billionaires’ list, with Arnault taking over last week.
Musk had lost the position of the world’s richest a month after acquiring and adding social media company, Twitter, to his investment portfolio which includes Tesla, SpaceX, Starlink and The Boring Company.
The addition of Twitter to his investment portfolio has raised concerns among Tesla shareholders, who feel Musk now has little time to lead the electric vehicle, causing a drop in investors’ confidence.
This has led to the ongoing sell off that has dragged down his wealth, which once stood above $300 billion in November 2021.
