Elon Musk's net worth has dropped by billions of dollars, dropping to $193 billion, according to latest estimates by Bloomberg's Billionaire Index. The index is a daily ranking of the world's richest people, updated at the close of every trading day in New York. This is the first time since June that the Tesla CEO saw his fortune dip below $200 billion. Musk, who is the richest person in the world, owns 13% of Tesla and derives the majority of his wealth from the auto company.
Bloomberg's Billionaire Index report said that Mr Musk has lost $41 billion since Tesla's October 18 earnings call. The report says that Mr Musk's was $234 billion before the company's disappointing third-quarter results, according to CBS News.
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However, Forbes has put his net worth slightly higher at $213.8 billion.
Not just Tesla, Mr Musk also founded SpaceX and the Boring Company and has stakes in them which also contributes to his net worth.
According to Insider, Tesla's share price took a 10 per cent hit following the earnings. Tesla shares closed 4.8 % lower at $197.36 on Monday, down 21% so far this month. Although, the stock is up 60% so far this year.
Mr Musk's net worth has seen several fluctuations over the years. It reached a peak of $340 billion in November 2021.
Bernard Arnault, the boss of luxury retail giant LVMH Moet Hennessy Louis Vuitton remains the second richest man on the planet with a net worth of $156 billion.
In December last year, Mr Arnault surpassed Twitter owner Elon Musk on the Bloomberg Billionaires Index.
The 73-year-old has long been a mainstay in wealth rankings, but, unlike Musk and other brash billionaires, makes only rare public appearances and isn't personally active on social media. Though LVMH Moet Hennessy Louis Vuitton SE oozes extravagance, with 75 labels ranging from Dom Perignon to Christian Dior to Tiffany & Co., he's sought a low profile in a country where bling-bling displays of wealth are frowned upon.
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