Elon Musk loses ‘Richest Man’ title

• Musk’s bid for Twitter, the market value of Tesla has dropped.
• This is because the value of his shares in Tesla has dropped by a large amount.
• In October, he bought Twitter for $44 billion.

In a shocking turn of events, Elon Musk is no longer the richest person in the world. The CEO of SpaceX and Twitter, who is 51 years old, is no longer financially on top of the world. This is because the value of his shares in Tesla has dropped by a large amount.

For those who don’t know, Musk has been in the first place since September 2021. Since Musk’s bid for Twitter, the market value of Tesla has dropped by almost half, and his net worth has dropped by about $70 billion. In October, Musk finished the deal for Twitter with $13 billion in loans and $33.5 billion in equity.

Forbes and Bloomberg recently reported that Bernard Arnault, the head of the luxury goods company LVMH, has passed Elon Musk to become the most powerful person in the world.

Forbes’ Real-Time Billionaires List had Arnault at the top with a net worth of $191,2 billion, followed by Musk with $185,1 billion.

Most of Arnault’s wealth comes from his investment in Christian Dior SE, the holding company that owns 41.2% of LVMH. Through Groupe Familial Arnault, which is run by his family, he also owns shares in Christian Dior SE and 6.2% of LVMH.

Musk is not only the CEO of Tesla, but he also owns about 14% of the company. In October, he bought Twitter for $44 billion. After that, there were rumours that the Tesla board was worried. Musk is even said to have hired Tesla engineers to work on Twitter, which made the shareholders even more worried.

Tesla could be hurt by a drop in demand for its electric cars if the economy goes into a recession, by higher financing costs that turn off buyers, by car recalls and government investigations into crashes and its autopilot system.

Also, after investing in Twitter, Musk made his $44 billion offer, which many people thought was too expensive. Musk backed out of the deal in July, but Twitter officials filed a lawsuit to enforce the billionaire’s offer. Because of this, the man who is now the CEO of Twitter sold shares of Tesla for billions of dollars.

Dan Ives, an investor at Wedbush Securities, told the hollywood media “Musk has gone from a hero to a villain in the eyes of the Street as the overhang grows with each tweet.”

“Musk’s reputation has been hurt by the Twitter circus, and Tesla’s stock is in danger because of it. Tesla and Elon Musk are the same person.”

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