Forbes reported that Twitter owner and Tesla (TSLA.O) CEO Elon Musk lost his status as the world’s richest person for a short time on Wednesday due to a sharp decline in the value of his stake in the electric-car manufacturer and a $44 billion bet on the social media firm.
Forbes reported that Bernard Arnault, CEO of LVMH (LVMH.PA), the parent company of Louis Vuitton, and his family briefly became the world’s richest, but are now ranked second with a personal wealth of $185.3 billion.
Since September 2021, Musk has been the wealthiest person in the world, thanks to his $185.7 billion fortune, which has propelled him to the top of the Forbes list. Musk succeeded Jeff Bezos, founder of Amazon.com (AMZN.O), as CEO. Since Musk’s offer to buy Twitter earlier this year, Tesla shares have dropped by over 47%, and today they were down another 2.7%.
At one point on the morning of November 8th, Musk’s net worth fell below $200 billion as investors dumped Tesla shares over concerns that the CEO and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter than running the company.
Since Musk’s failed bid for Twitter in April, Tesla’s stock price has fallen by roughly half, and his personal wealth has fallen by about $70 billion. For Twitter, Musk secured $13 billion in loans and $33.5 billion in equity and closed the deal in October. Besides leading Tesla, Musk is also the CEO of SpaceX rockets and Neuralink, a company working on ultra-high bandwidth brain-machine interfaces.
On Wednesday, a steep drop in the value of Elon Musk‘s stock in Tesla (TSLA.O) and a $44 billion gamble on the social networking firm caused the CEO of Tesla to temporarily lose his position as the world’s richest person, according to Forbes.
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