Elon Musk loses the title of world’s richest man to Bernard Arnault
Elon Musk, CEO of Tesla and owner of Twitter, lost the title of world’s richest man to Bernard Arnault on Wednesday as a result of a sharp decline in the value of his stock in the electric-car manufacturer and a $44 billion wager on the social media company.
On December 7th, 2022, during morning trade, Tesla’s stock decreased by around 4%.
After selling Tesla stock to raise the $44 billion needed to buy Twitter, Musk did this a few months later.
The creator of the greatest luxury goods firm in the world, LVMH Mot Hennessy – Louis Vuitton SE, Bernard Arnault, was named the “world’s richest” person by Forbes, with a personal fortune of $185.4 billion.
With a net worth of $185.7 billion, Elon Musk replaced Jeff Bezos, the creator of Amazon.com, as the richest person in the world in 2021.
Since Musk’s offer for Twitter in April, Tesla has lost over half of its market value, and his personal wealth has decreased by around $70 billion.
