Old billionaire knocks Elon Musk down, Tesla stumbles, fortune evaporates by Investing.com


Investing.com – For many months, Elon Musk and Jeff Bezos have traded for the throne of the world’s richest people, and it did not happen during that long period that Elon Musk, founder of the electric car giant, gave up the second place in the worst estimates.

However, moments ago, old billionaire Bernard Arnault succeeded in overthrowing Elon Musk from the second place on the list of the richest in the world, thanks to important statements by the head of the US Federal Reserve that seem to have deepened the suffering of the founder of Tesla.

This comes after Tesla Inc. (NASDAQ 🙂 incurred heavy losses for the second day in a row, with Musk losing more than $ 14 billion.

Tesla had inflicted heavy losses on Elon Musk on Monday, striking about $ 15 billion of Musk’s fortune.

Tesla shares fell more than 8% on Monday, bringing the founder’s fortune to less than $ 170 billion, according to Forbes’ global ranking of the world’s richest people.

While Tesla fell during those moments by about 10%, to fall to $ 650 levels, with losses amounting to about $ 58 per share.

Elon Musk’s losses rose within two days to about $ 30 billion, dropping from $ 184 billion to $ 155 billion, according to Forbes.

Despite Jeff Bezos’s losses, which amounted to about $ 4.2 billion, as well as Bernard Arnault, who incurred about $ 2.7 billion, Musk’s losses were the most severe.

Shares of Amazon (NASDAQ 🙂 fell by about 2%, while Bezos’s fortune fell to $ 182 billion, while LVMH shares fell by 1.7% to levels of € 534, bringing the wealth of the old Frenchman down to $ 156 billion.

It seems that Jerome Powell’s statements have negatively affected Musk’s fortune after the violent declines in the US stock market during those moments.

In those moments, it fell strongly, losing more than 2.3%, down to 13227 points, while Standard & Poor’s fell by more than 1% and fell by 0.8%.

Federal Reserve Chairman Jerome Powell said that inflation is “weak”, the Fed is committed to its accommodative monetary policy, and Powell sheds light on the US labor market and said it still needs more help.

The Fed Chairman’s comments came despite the strong rise in US earnings, which increases the market’s concerns about the negative repercussions of inflation that may befall the highly valuated stocks.

“The economy is far from our vision for employment and inflation targets, and it will likely take some time to make progress,” Powell said.

Powell added, “The Fed is committed to using the various tools it possesses to support the economy and to ensure a speedy recovery from the difficult period it has gone through.

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