Photo: Tesla CEO Elon Musk and the Tesla factory in Fremont, California.
World’s richest man Elon Musk retains position @$193bn net worth
World’s Richest Man and CEO of Tesla, Elon Musk, with a net worth of $193 billion as of October 31, maintains the glamorous position, according to latest estimates by Bloomberg’s Billionaires Index.
It’s the first time his fortune has dropped under $200 billion since early June but has remained unbeaten in the world billionaires ranking.
His estimated net worth was $234 billion before the electric vehicle makers’ latest quarterly report card.
Musk’s net worth first hit $200 billion in 2021 and reached a peak of $340 billion in November of the same year.
The tycoon’s fortune has been volatile since then in part due to fluctuations in Tesla’s stock.
Despite the slide in his net worth this time, Musk is still the world’s richest person ahead of the world’s second richest man, Bernard Arnault.
Arnault, who is the boss of luxury retail giant LVMH Moët Hennessy Louis Vuitton, is now worth $156 billion.
Arnault’s fortune has also come under pressure from a decline in LVMH’s stock price as consumer spending on luxury goods.
The firm which has been enjoying a boom since the pandemic has shown signs of ebbing ever since.
LVMH’s share prices are down over 6% so far this month and are down 1.3% so far this year.
Musk whose 13% stake in Tesla accounts for the lion’s share of his personal wealth — has seen his fortune tumble by around $41 billion since Tesla reported disappointing third-quarter results.
Tesla had also reported an earnings call on October 18 that one Wall Street analyst dubbed a “mini disaster.”
Tesla’s share price took a nearly 10 per cent hit following the earnings and has since extended its decline.
Tesla’s shares closed 4.8% lower at $197.36 on Monday, down 21% so far in October. However, the stock is up 60% so far this year.