Elon Musk Briefly Loses Title As Worlds Richest Person To Bernard Arnault of LVMH!

Elon Musk Briefly Loses Title As Worlds Richest Person To Bernard Arnault of LVMH!

Twitter owner and Tesla (TSLA.O) owner Elon Musk briefly lost his position as the world’s richest person on Wednesday, according to Forbes, following a dramatic decrease in the value of his share in the electric-car maker and a $44 billion gamble on the social media giant.

According to Forbes, after a brief reign as the wealthiest people in the world, Bernard Arnault and his family, who runs the parent company of luxury brand Louis Vuitton, LVMH (LVMH.PA), fell to No. 2, with a personal fortune of $185.3 billion.

With a net worth of $185.7 billion, Elon Musk is the wealthiest person on the Forbes list and has been since September 2021. Jeff Bezos, the founder of Amazon.com (AMZN.O), was succeeded by Elon Musk.

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Tesla shares were down 2.7% despite losing more than 47% of their value since Elon Musk’s bid to acquire Twitter earlier this year.

Elon 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 Elon Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. With a commitment of $33.5 billion in equity and $13 billion in loans, Elon Musk completed the acquisition of Twitter in October.

Elon Musk is the CEO of Tesla as well as the rocket firm SpaceX and the startup Neuralink, which is creating ultra-high bandwidth brain-machine interfaces to link the human brain with computers.