Tesla Chief Executive Officer Elon Musk on Friday lost the top spot on the Bloomberg Billionaires Index list after staying at the No. 1 position as the world's richest person for about 48 hours.
According to the list available on Bloomberg Billionaires Index, the effervescent CEO of the tech company lost it to Bernard Arnault, the Chief Executive Officer of LVMH Moet Hennessy Louis Vuitton.Musk's net worth fell by nearly USD 8 billion to USD 176 billion on Friday after being bumped to the second spot.The shares of Tesla had apparently declined more than 6 per cent on Thursday, after the investors' meeting in Texas. This is a day after CEO Elon Musk and other executives discussed the path forward for the electric automaker at an investor day event.
During the investor day event, Tesla said it spent around USD 28 billion to cement itself as the world's most valuable car company. Now, the company announced that it was now preparing to invest roughly five times that as it strives to meet the next objective: Becoming the world's largest car maker by volume, according to The Wall Street Journal.
Chief Financial Officer Zach Kirkhorn said publicly for the first time on Wednesday that Tesla could need to spend nearly USD 150 billion more to achieve its long-term goals, which includes selling 20 million vehicles a year. According to WSJ, today's largest automaker sells roughly half that annually, while Tesla delivered around 1.3 million vehicles to customers globally last year.
According to the billionaires' list, Musk on Tuesday had climbed to the top of the ranks after his USD 187-billion fortune surpassed that of Arnault.
( With inputs from ANI )
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