Elon Musk Loses His Title Of World’s Richest Person To LVMH Boss Arnault

(CTN NEWS) – Elon Musk, owner of Twitter and CEO of Tesla (TSLA.O), briefly lost the title of the richest man in the world on Wednesday, according to Forbes.

Due to a sharp decline in the value of his share in the electric-car manufacturer and a $44 billion wager on the social media company.

According to Forbes, after a brief reign as the richest people in the world, Bernard Arnault and his family runs the parent company of the luxury brand Louis Vuitton, LVMH (LVMH.PA).

Fourteen months after he first dethroned Jeff Bezos as the world’s richest person, the Tesla and Twitter chief lost his crown Wednesday–at least briefly. But it isn’t Bezos that he has to blame. https://t.co/anBZ4DKxdX pic.twitter.com/jsQ1ieT0xi

— Forbes (@Forbes) December 7, 2022

But were back to No. 2, with a personal fortune of $185.3 billion.

With a net worth of $185.7 billion, Musk has topped the Forbes list since September 2021. Jeff Bezos, the founder of Amazon.com (AMZN.O), was replaced by Musk in the position.

Tesla shares were down 2.7% despite losing more than 47% of their value since Elon Musk announced his approach to purchasing Twitter earlier this year.

Earlier on November 8, investors sold off shares of Tesla, fearing that Musk, the company’s chief executive and major shareholder, was more focused on Twitter than on Tesla’s business.

As a result, Musk’s net worth fell below $200 billion.

Since Musk’s offer for Twitter in April, Tesla’s market value has decreased by about half, and his wealth has decreased by almost $70 billion.

With a commitment of $33.5 billion in equity and $13 billion in debt, Elon Musk completed the acquisition of Twitter in October.

Along with Tesla, Elon Musk is the CEO of Neuralink, a start-up that is creating ultra-high bandwidth brain-machine interfaces to link the human brain to computers, and rocket business SpaceX.

After being named the richest person in the world with his $340 billion net worth, Elon Musk said, "I’m sending a giant statue of the digit ‘2’ to Jeffrey [Bezos], along with a silver medal." https://t.co/cTiUROGAtP

— Forbes (@Forbes) December 7, 2022

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