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.
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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.
