Elon Musk Loses Title Of World’s Richest Person To Bernard Arnault – Elon Musk is no longer the richest person in the world as a result of additional declines in the value of Tesla shares. Forbes and Bloomberg, which track the wealth of billionaires, stated that Musk had lost his position as the richest person in the world to Bernard Arnault, the CEO of the French luxury goods company LVMH. Musk, who was born in South Africa and just acquired Twitter, is the CEO of Tesla and its largest shareholder.
Since Musk’s initial bid for Twitter in April, the electric car company’s market value has decreased by more than 50 percent. The day before Twitter disclosed in a regulatory filing that the billionaire had launched a hostile bid worth $43.4bn, Tesla shares were trading at $340.79 (£275.27) on April 13. Since then, the price of Tesla shares has dropped by more than 50 percent and is currently trading at approximately $160. Fresh falls in the car company’s share price at the start of the week wiped about $7bn off Musk’s fortune, according to Forbes.
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It is estimated that his current net worth is approximately $177 billion, compared to Arnault’s $188 billion. A week earlier, Arnault momentarily surpassed Musk due to share movements, but the Tesla CEO reclaimed the top spot. Since April, Musk has sold around $20 billion in Tesla shares to fund his acquisition of Twitter.
The market value of Tesla has been under pressure partly due to weak quarterly results and concerns about a disruption at one of its Shanghai factories. Investors have expressed worry that Musk may be distracted by his other ventures, including the rocket company SpaceX and running Twitter. He also regularly attracts criticism for some of the controversial tweets he writes to his 121 million followers.
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