January 31, 2023

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Elon Musk loses the title of the richest person in the world to Bernard Arnault | Elon Musk

After that, Elon Musk lost his crown as the richest person in the world It falls into the stock value at his electric company Tesla.

Forbes and Bloomberg, which track the fortunes of billionaires, reported that Musk lost the top spot to France. Bernard ArnaultCEO of LVMH Luxury Group.

South african born musk, who recently rose Take ownership of Twitter, is the CEO of Tesla and its largest shareholder. The electric car company has lost more than half of its market value since Musk first bid on Twitter in April.

Shares in Tesla were trading at $340.79 (£275.27) on April 13, the day before Twitter revealed in a securities filing that the billionaire had Make a hostile bid worth $43.4 billion. Since then, Tesla’s stock price has fallen more than 50%, and it is currently trading at around $160.

New declines in the auto company’s share price at the start of the week erased about $7 billion from Musk’s fortune, according to Forbes. His fortune is now estimated at $177 billion, compared to Arnault’s net worth of $188 billion.

Arnault had briefly outperformed Musk a week ago as a result of stock moves, before the Tesla boss reclaimed the top spot. musk She sold about $20 billion in Tesla stock since April to fund his purchases of Twitter.

Tesla’s market capitalization has come under pressure as a result Disappointing quarterly resultsand fears of a downtime at one of its factories in Shanghai.

Investors have expressed concern that Musk might distract from his other ventures, including the rocket company SpaceX and its operation. Twitter. He also regularly attracts criticism for some of the controversial tweets he writes to his 121 million followers.

In recent days, however, Musk seemed to be caught off guard when he was booed by the audience After joining comedian Dave Chappelle on stage in San Francisco, who introduced Musk with the words: “Ladies and gentlemen, make some noise for the richest man in the world.”

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