Elon Musk Loses World’s Richest Person Title to CEO Louis Vuitton

Elon Musk, Tesla’s and Twitter’s owner is no longer the world’s richest person. Forbes revealed that Elon has lost the title of World’s richest person due to an abrupt drop in value of his stake in electric car and a $44 billion bet on the social media firm.

Now, Bernard Arnault who is the chief executive officer LVMH which is parent company of luxury brand Louis Vuitton.He took the title as the world’s richest but is second considering the personal wealth of $185.3 billion.

Musk who remained on the top on Forbes list since September 2021 has a net worth of $185.7 billion. Before Musk, this title was given to Jeff Bezos, Amazon.com CEO.

When Musk made his offer to buy Twitter, Tesla shares lost more than 47% in value. Due to this, the net worth of Musk dropped below $200 billion on Nov. 8. The reason was obvious: investors dumped tesla’s shares thinking that with Twitter’s acquisition, Musk would be more occupied with the social media company. However, it should be mentioned here that Twitter and Tesla are not the only companies headed by Musk, he also looks after rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

Following this, Tesla lost almost half of its market value and net worth dropped by $70 billion since musk bid for Twitter in April. Twitter deal was closed in October with $13 billion in loans and a $33.5 billion equity commitment.

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