After losing his position as the richest person in the world last week due to a 50% decline in Tesla’s stock, Elon Musk is now the second-richest person in the world.
The richest man in the world at the moment is French entrepreneur Benard Arnault, who owns the massive fashion company LVMH.
Forbes estimates that Bernard Arnault is worth about $187 billion and that Elon Musk is worth about $174 billion.
If Tesla stock drops to a level just below $100, Musk could potentially fall to third place on the rich list. This is a possibility, but it’s also possible given the bad press Musk has received, which has unavoidably had a negative effect on his businesses.
Elon Musk won’t likely be replaced by any well-known figure like Amazon founder Jeff Bezos if and when he drops to second place. In no way. Instead, Indian entrepreneur Gautam Adani, who is currently ranked third on the Forbes list and has a net worth of about $133 billion, would probably take the second position. Even so, Bezos would finish in fourth place.
Gautam Adani is the founder of the Adani Group, an Indian conglomerate with seven publicly traded businesses that work in, among other industries, the transportation and energy sectors. These seven businesses are valued at about $230 billion collectively. The companies’ shares have had a phenomenal run in 2022, with an average gain of about 100%.
More on our prediction: Assuming nothing else changes for Bezos or the other billionaires on the list, Musk would fall to fourth place behind Bezos if Tesla stock drops below $75.
If you missed it, Elon Musk recently sold an additional 22 million Tesla shares valued at approximately $3.6 billion, according to regulatory filings made public on December 14th.
Tesla shares have been falling since the beginning of the year, and after Musk was ‘compelled’ to purchase Twitter, they have fallen even further.
The Wall Street Journal reports that on Wednesday, Tesla shares closed 2.6% lower at $156.80, bringing the company’s market capitalization to $495 billion. As of Wednesday’s close, Tesla shares had lost 55% so far this year. The Wall Street Journal reports that this is the lowest level since November 2020. The most recent decline reduced the business’s market value to below $500 billion.