Market Shock as Elon Musk Loses World’s Richest Person Title Twice

  • Elon Musk lost $1.91 billion (KSh 243.3 billion) in one day, losing the world’s richest man title again
  • The Tesla CEO crashed back to the second position after the electric car company’s shares flopped
  • Africa’s richest man Aliko Dangote also saw his fortune dwindle by $18.1 million (KSh 2.3 billion) in a day

Tesla CEO Elon Musk has lost the richest man title again, a day after he took it back from French luxury merchant Bernard Arnault.

According to Bloomberg Billionaire Index, Musk lost $1.91 billion (KSh 243.3 billion), forcing him back to the second spot on the world’s richest man ladder.

Tesla shares

The drop follows the abysmal performance of Tesla stocks, which is indicative of global tech stock performance on Wednesday, March 1, 2023.

The electric car maker lost about $202.77 billion (KSh 25.8 trillion), representing 1.43% of its value.

Musk has been on a rampage to reclaim his lost title in the past two weeks after making history as the first man to lose $200 billion (KSh 25.48 trillion).

Bernard Arnault overtook Musk after making $1.99 billion (KSh 253.5 billion) on Wednesday, March 1.

The biggest shock remains that Microsoft founder Bill Gates, who said he wanted to drop out of the wealthiest man list by giving his fortune to charity, has continued to climb the wealth ladder.

Bill Gates is positioned to beat Amazon CEO Jeff Bezos, who is third on the list with $2 billion (KSh 254.8 billion) separating the duo.

Aliko Dangote loses KSh 2.3 billion

Similarly, Africa’s richest man, Aliko Dangote, slid by one spot to rank 84th globally with $19.4 billion KSH 2.47 trillion).

Dangote lost $18.1 million (KSh 2.3 billion) in a day due to a slide in the stocks of his cement firm, Dangote Cement.

On Wednesday, other billionaires such as Warren Buffett and Larry Elisson witnessed a stock wipeout.

Elon Musk takes back title

On Monday, February 27, the Tesla and SpaceX CEO reclaimed the world’s richest person title after regaining his wealth at the beginning of 2023 following a surge in Tesla shares.

This came two months after Musk lost the title to the French fashion tycoon Bernard Arnault in November 2022.

The new Twitter boss’s wealth grew to a whopping KSh 23.77 trillion on Monday, February 27, 2023.

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