Elon Musk has lost nearly N460 trillion in 24 hours to become the world’s second richest person as Tesla CEO slips to second spot after the electric car company’s shares flopped.
Tesla CEO Aliko Dangote also saw his fortune reduced by N8.2 billion in 24 hours after the electric car company’s shares flopped.
Tesla CEO Elon Musk has lost the title of richest man again, 24 hours after taking it back from French billionaire and luxury baron Bernard Arnault. According to the Bloomberg Billionaires Index, Musk lost N460 trillion in 24 hours, pushing him back to the No. 2 spot on the world’s richest man ladder.
The decline comes after a disappointing performance by Tesla shares, prompting global tech stock performance on Wednesday, March 1, 2023. The electric car maker lost about $202.77 billion, which was 1.43% of its value. Over the past two weeks, Musk has been desperate to reclaim his lost title after creating history as the first person to lose $200 billion.
Bernard Arnault overtook Musk on Wednesday, March 1, 2023, after earning $1.99 billion. The biggest shock is that Microsoft founder Bill Gates, who said he wants to exit the list of richest person by giving away his fortune to charity, has made a steady climb. Ladder of wealth Bill Gates is positioned to overtake Amazon CEO Jeff Bezos, who is third on the list, with $2 billion separating the pair.
Dangote loses N8.2 billion Similarly, Africa’s richest man, Aliko Dangote, dropped a notch to be ranked 84th globally with $19.4 billion. Dangote lost N8.2 billion in the last 24 hours as shares of his cement firm Dangote Cement declined.
Shares of other billionaires such as Warren Buffet and Larry Ellison saw a decline on Wednesday. Elon Musk reclaims the title of world’s richest man after making N3.21trn in 8 hours.
He lost the title to French billionaire Bernard Arnault on December 8, 2022, after disputes over his Twitter ownership led to a selloff of Tesla shares and a drop in wealth. Despite several attempts to reclaim the top spot, Musk fell short as Arnault’s wealth grew.