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Investing.com – For many months Elon Musk and Jeff Bezos traded for the throne of the world’s richest people, and it did not happen in that long time that Elon Musk, founder of the electric car giant , gave way to second place in the worst estimates.
However, a few moments ago, old billionaire Bernard Arnault succeeded in knocking Elon Musk out of second place on the list of the richest in the world, thanks to important statements by the head of the US Federal Reserve which appear to have aggravated the suffering of the founder. from Tesla.
It comes after Tesla Corporation (NASDAQ ๐ suffered 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, knocking around $ 15 billion from Musk’s fortune.
Tesla shares fell more than 8% on Monday, taking the founder’s fortune to less than $ 170 billion, according to Forbes’ global ranking of the richest people in the world.
While Tesla fell during those times by around 10%, to drop to $ 650, with losses amounting to around $ 58 per share.
Elon Musk’s losses have grown in two days to around $ 30 billion, from $ 184 billion to $ 155 billion, according to Forbes.
Despite the losses of Jeff Bezos, which amounted to around $ 4.2 billion, as well as Bernard Arnault, who incurred around $ 2.7 billion, Musk’s losses were the most severe.
Amazon (NASDAQ ๐ shares fell about 2%, while Bezos’ fortune fell to $ 182 billion, while LVMH shares fell 1.7% to levels of โฌ 534 , reducing the wealth of the old Frenchman to 156 billion dollars.
It appears that Jerome Powell’s statements negatively affected Musk’s fortunes after the sharp declines in the US stock market during those times.
And at those times, it retreats sharply, losing more than 2.3% to 13,227 points, while Standard & Poor’s is down more than 1% and down 0.8%.
Fed Chairman Jerome Powell said inflation was “low”, the Fed was sticking to its accommodative monetary policy and Powell shed some light on the US labor market and said he still needed help.
The Fed chairman’s comments come despite the sharp rise in US earnings, which heightens market concerns about the negative spillover effects of inflation that could hit highly valued stocks.
โThe economy is a long way from our vision for employment and inflation targets, and it will likely take some time to make significant progress,โ Mr. Powell said.
Powell added, โThe Fed is committed to using the various tools at its disposal to support the economy and ensure a swift recovery from the difficult times it has been through.
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