Elon Musk, owner of Tesla and Twitter, briefly lost the title of world’s richest man as a result of a $44 billion wager on the social media company Twitter and a sharp decline in the value of his Telsa Motors stock.
Elon Musk briefly loses the title of world’s richest person to Bernard Arnault
With a personal worth of $ 185.3 billion, Bernard Arnault, the CEO of LVMH, the parent company of luxury brand Louis Vuitton, and his family briefly held the title of richest person in the world. However, the stay was momentary and once again Bernard Arnault and his family were at number 2. With a net worth of $185.7 billion, Musk has been the richest person in the world according to Forbes since September 2021.Musk took over the title from Amazon.com founder Jeff Bezos.
Telsa Owner and Twitter boss Elon Musk lost briefly lost his title as world’s richest person , due to a steep drop in the value of his stake in the Telsa Motors and a $44 billion bet on social media firm, Twitter.
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Bet by Musk on Twitter triggers exodus of investors from Telsa
Bernard Arnault , the Chief Executive of luxury brand Louis Vetton’s parent company LVMH, and his family briefly took the title as the world’s richest , but were back at number 2 with a personal wealth of $ 185.3 billion. Musk has held top spot on the Forbes as the world’s richest person since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com founder Jeff Bezos.
Tesla shares have lost 47% of their value since Musk announced his approach to purchase Twitter earlier this year, and were down 2.7%.
Early on November 8, Musk’s net worth fell below $200 billion as a result of investors selling off massive amounts of Tesla stock due to concerns that the company’s chief executive and main shareholder, Elon Musk, is more focused on Twitter than anything else.
Since Musk made a bid for Twitter in April, Tesla has lost over half of its market value, and his personal wealth has decreased by around $70 billion.
In October of this year, Musk concluded the acquisition of Twitter for $13 billion in loans and $33.5 billion in equity commitments.
Along with running Tesla, Musk also runs Neuralink, a start-up that is creating ultra-high bandwidth brain-machine interfaces to link the human brain to computers, and the rocket company Space X.
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