Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.
Wednesday’s drop was following a decline in the value of the billionaire’s stake in the electric-car maker and a $44 billion bet on the social media firm.
Earlier on November 8, Musk’s net worth had dropped below $200 billion as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
This comes as Tesla has lost nearly half its market value and Musk’s net worth has fallen by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family replaced Musk from the top spot but was back at the second position soon after. His wealth as of this morning was $184.7 billion.