Musk again loses world's richest person title to Bernard Arnault as Tesla share plunges

Tesla CEO and billionaire Elon Musk slipped down to the number 2 spot all over again, as the LVMH CEO Bernard Arnault reclaimed the world's richest person title. On Thursday, the business mogul lost a whopping $7.71 billion from his net worth after his electronic-automotive company, Tesla shares fell as much as 8% in early trading, The New York Post reported. The new Twitter head is back at the second spot with a net worth of $186.9 billion, according to Forbes' real-time billionaire list. Arnault on the other hand regained the top spot with a personal fortune of $213.4 billion. 

The decline in the net worth of the billionaire came after Tesla shares plunged in the early trading due to the lukewarm investor reception to Musk’s “Master Plan 3” presentation. On Wednesday, Musk and other executives teased a cheaper “next-gen” electric vehicle at the company headquarters in Austin, Texas. However, Musk’s presentation lacked revealing specifications about the car’s performance specs and when the model will be potentially released. However, Musk made it clear that Tesla would eventually organise a "proper sort of product event" for the new model of cars. 

Musk’s master plan fails to make an impact 

On Wednesday, Musk revealed the third part of the electronic vehicle company’s “Master Plan”. With the new model, the company aims to lead the global effort to eliminate fossil fuels and convert the world to “sustainable energy”. According to The Verge, Tesla projected that it will take $10 trillion in investments to bring about its plan to ensure a “sustainable future”. “I really wanted today to be not just about Tesla investors who own stock, but really anyone who is an investor in Earth,” Musk said at the Wednesday event. 

While Tesla CEO's proposal looked promising, the lack of information about the new model made several investors sceptical about the future. As a result of this, Tesla shares fell to 8%, just the day after the Investor Day event. The Wednesday presentation was a long review of the prior achievements of the electro-automotive company, where the company’s manufacturing leader Tom Zhu revealed that Tesla produced 4 million cars on Wednesday.