Elon Musk briefly loses title as world's richest person to LVMH's Arnault - Forbes




 

(Reuters) -Twitter owner and Tesla 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.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com founder Jeff Bezos.

Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.

Musk's net worth dropped below $200 billion earlier on Nov. 8 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.

Tesla has lost nearly half its market value and Musk's net worth has dropped 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.

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

(Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta)

COMMENTS

More Related News

Elon Musk found not guilty of fraud over Tesla tweet
Elon Musk found not guilty of fraud over Tesla tweet

The Tesla boss is cleared of fraud charges over a tweet about taking the carmaker private.

'Teflon' Elon Wins Again as Jury Rejects Fraud Claim Over Tweets

(Bloomberg) -- Elon Musk proved once again that he's difficult to beat in court.Most Read from BloombergWhat You Need to Know About the Suspected Chinese Spy...

Musk found not liable in Tesla tweet trial
Musk found not liable in Tesla tweet trial

Jurors on Friday cleared Elon Musk of liability for investors' losses in a fraud trial over his 2018 tweets falsely claiming that he had funding in place to ...

Elon Musk was reportedly cleared by a federal jury
Elon Musk was reportedly cleared by a federal jury's verdict that his 'funding secured' tweet in 2018 didn't harm Tesla investors

Elon Musk didn't break rules and influence Tesla investors after tweeting he had "funding secured" to take the carmaker private, per a WSJ report.

Jury rules Elon Musk is not liable for shareholder losses after
Jury rules Elon Musk is not liable for shareholder losses after 'funding secured' tweets

A jury found that Elon Musk was not liable for Tesla investors' losses, following a weeks-long trial in San Francisco.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy