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Elon Musk briefly loses title as world's richest person to LVMH's Arnault - Forbes

Stock Markets Dec 08, 2022 02:56AM ET
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© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike Blake/File Photo
 
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(Reuters) -Twitter owner and Tesla (NASDAQ:TSLA) 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 and a $44 billion bet on the social media firm.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com (NASDAQ:AMZN) founder Jeff Bezos.

Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.

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 Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

Elon Musk briefly loses title as world's richest person to LVMH's Arnault - Forbes
 

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Comments (3)
gab nea
gab nea Dec 08, 2022 6:12AM ET
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connect human brains to computers, this guy sounds more like Elizabeth Holmes daily!
gab nea
gab nea Dec 08, 2022 6:07AM ET
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the way the smelly guy is running twitter into the ground, you have to wonder how he succeeded in any of his ventures!
BD
BD Dec 07, 2022 11:46AM ET
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Strange. Most people haven't heard of Bernard Arnault before.
 
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