Elon Musk loses the title of the richest man in the world for hours…

Forbes magazine said that billionaire Elon Musk, who owns Twitter and Tesla, lost the title of the richest man in the world for a short period of time, on Wednesday, after a sharp drop in the value of his stake in the famous electric car company, and the conclusion of the $ 44 billion Twitter deal.
Bernard Arnault, CEO of LVMH, the parent company of the luxury brand Louis Vuitton, and his family briefly captured the title of the richest in the world, but returned to second place with a personal fortune of $ 185.3 billion, according to Forbes.

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Musk, who has maintained first place on the Forbes list since September 2021, has a net worth of $185.7 billion. He snatched the title from Jeff Bezos, founder of Amazon.com.


Tesla shares, which have lost more than 47% of their value since Musk made his offer to buy Twitter this year, fell 2.7%.

Musk’s net worth shrank to less than $200 billion on November 8, as investors sold their shares in Tesla over concerns that the CEO and owner of the largest stake in the world’s most valuable electric car manufacturer is paying more attention to Twitter. .

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Tesla has lost nearly half of its market value, and Musk’s net worth has fallen by about $70 billion since he made his bid to buy Twitter in April. Musk sealed the Twitter deal in October, with $13 billion in loans and $33.5 billion in stock commitments.

In addition to Tesla, Musk also heads the rocket company SpaceX and Neuralink, a startup developing ultrawideband interfaces to connect the human brain to a computer.

Source: عربي21 by arabi21.com.

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