Not so long ago, Elon Musk was on top of the world. As the richest man in the world and owner of Tesla (NASDAQ:TSLA), he was also one of the most watched people around since his purchase of Twitter. However, with Tesla stock just off its 52-week low in Tuesday’s trading, that’s enough to send Musk down on the list.
Musk took the position of world’s wealthiest person back in 2021 when he beat out Amazon’s (NASDAQ:AMZN) Jeff Bezos. Now, Musk got a taste of that turnaround himself as LVMH (OTCMKTS:LVMUY) CEO Bernard Arnault took over the top slot instead.
Musk’s launch to the number one slot was fueled mainly by Tesla stock, but with the stock down around a 52-week low, that took a lot of wind out of Musk’s sails. The hefty pile of cash pushed into buying Twitter definitely didn’t help matters.
Tesla’s previous 52-week low stood at $166.19. Today saw Tesla stock mainly below that level, briefly hitting a new 52-week low of $156.91. In fact, word from Dan Ives at Wedbush notes that Tesla is trading at its lowest valuation in years.
