Elon Musk, the 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, 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, Musk has topped the Forbes list since September 2021. Jeff Bezos, the founder of Amazon.com (AMZN.O), was succeeded by Musk in the position.
Tesla shares were down 2.7% despite having lost more than 47% of their value since Musk announced his approach to purchasing Twitter earlier this year.
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.https://t.co/EDN3KLebO8
— SABC News (@SABCNews) December 7, 2022
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 personal wealth has decreased by almost $70 billion. With a commitment of $33.5 billion in equity and $13 billion in debt, Musk completed the acquisition of Twitter in October.
Along with Tesla, 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.
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