Twitter and Tesla owner Elon Musk momentarily lost his title as the world's richest person on Wednesday, according to Forbes magazine, after suffering a sharp drop in the value of his stake in the electric car maker. almost 60% in the year- and to allocate 44,000 million dollars to the purchase of the social networking firm.
A king dead (relatively), king put. Bernard Arnault, the CEO of Louis Vuitton Möet Hennessy (LVMH) - owner of an empire with some of the world's leading luxury brands - and his family have long held the title of the world's richest, but they have returned to number 2 shortly after with a personal wealth of $185.3 billion, according to Forbes.
Musk, who has been No. 1 on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took 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, are down about 4% today and have given up nearly 60% by 2022.
Musk's net worth fell below $200 billion on November 8 as investors dumped Tesla shares over concerns that the chief executive and largest shareholder of the world's most valuable electric vehicle maker world is more concerned about Twitter.
Tesla has lost nearly half its market value and Musk's net worth has shrunk by about $70 billion since he made a bid for Twitter in April. Musk closed the deal via Twitter in October with $13 billion in loans and a commitment to put up $33.5 billion in cash.
In addition to Tesla, Musk also runs the rocket company SpaceX and Neuralink, a startup that is developing high-bandwidth brain-machine interfaces to connect the human brain to computers.
