Elon Musk loses the title of the world's richest person

Elon Musk is no more the richest person in the world. After taking his number one spot on French billionaire Bernard Arnault's list of the world's richest people two days ago, the Twitter owner and Tesla CEO lost his reign again, returning to the number two spot after losing nearly $2. billion in a day.

Earlier this week, Elon Musk regained his title of being the world's richest person when Tesla's stock prices rose, and his personal net worth reached an estimated $187.1 billion. However, according to Fortune, Tesla shares fell more than 5% on Wednesday, causing Musk to lose nearly $1.91 billion of his net worth in a single day. The Bloomberg Billionaires Index reveals that Elon Musk's total net worth as of March 3 is $176 billion.

With the fall of Musk, French billionaire Bernard Arnault, CEO of French luxury brand Louis Vuitton, once again took the top spot and currently rules the wealth pyramid with a total net worth of $187 billion.

Notably, Musk was at the top position for months in 2022 due to the high stakes of Tesla's stock, which is up nearly 100 per cent on investor demand and selling. It was speculated that Musk would become the world's first trillionaire if his net worth exceeds $300 billion. But the rule continued until December when Tesla's prices fell 65 per cent due to various factors.

The Twitter owner and Tesla CEO was dethroned by his long reign and was taken over by Arnault ever since. While there was a significant difference between Musk's and Arnault's wealth, Musk was able to surpass it last week. But unfortunately, the rule lasted only 2 days.

With that, Musk is also literally riding a roller coaster after taking over Twitter. The microblogging site is going through some major twists and turns and has even laid off more than half of its staff globally due to back-to-back layoffs. Right after Twitter took over, CEO Elon Musk laid off more than 50 per cent of Twitter's workforce. The job cuts continued, and as per a recent report in The New York Times, Musk once again laid off around 10 per cent of the company's workforce. This means that close to 200 people lost their jobs as part of the company's latest layoffs.