Elon Musk Briefly Loses Title As World’s Richest Person To LVMH’s Arnault

Elon Musk Briefly Loses Title As World’s Richest Person To LVMH’s Arnault

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.

Idowu Babalola Photo
Idowu Babalola

Socially Not Social. IG & Twitter - @Idbragga

All author posts
Related Posts
Tiwa Savage Celebrates Son At Six
Tiwa Savage Celebrates Son At Six

Tiwa Savage celebrates son at six Tiwa Savage son, Jamil is 6 today. His mom took to Instagram to...

Will Smith recalls moment when his mother caught him having s-x in the kitchen as a teenager
Will Smith recalls moment when his mother cau...

Will Smith has revealed his mother once caught him having s-x in the kitchen when he was a teenager....

BBNaija season 5 recorded over 900 million votes — organizers reveal
BBNaija season 5 recorded over 900 million vo...

Big Brother Naija lockdown season 5 recorded over 900 million votes from viewers making it the highest number of...

Write A Comments