Elon Musk briefly loses title as world’s richest individual to LVMH’s Arnault – Forbes

Elon Musk briefly loses title as world’s richest individual to LVMH’s Arnault – Forbes

Dec 7 (Reuters) – Twitter proprietor and Tesla (TSLA.O) boss Elon Musk briefly misplaced his title because the world’s richest individual on Wednesday, in keeping with Forbes, following a steep drop within the worth of his stake within the electric-car maker and a $44 billion wager on the social media agency.

Bernard Arnault, the chief govt of luxurious model Louis Vuitton’s father or mother firm LVMH (LVMH.PA), and his household briefly took the title because the world’s richest, however have been again at No. 2 with a private wealth of $185.3 billion, in keeping with Forbes.

Musk, who has held the highest spot on the Forbes checklist since September 2021, has a internet value of $185.7 billion. Musk took over the title from Amazon.com (AMZN.O) founder Jeff Bezos.

Tesla shares, which have misplaced greater than 47% in worth since Musk made his supply to purchase Twitter earlier this yr, have been down 2.7%.

Musk’s internet value dropped under $200 billion earlier on Nov. 8 as traders dumped Tesla’s shares on worries the highest govt and largest shareholder of the world’s most dear electric-vehicle maker is extra preoccupied with Twitter.

Tesla has misplaced practically half its market worth and Musk’s internet value 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 fairness dedication.

In addition to Tesla, Musk additionally heads rocket firm SpaceX and Neuralink, a startup that’s creating ultra-high bandwidth brain-machine interfaces to attach the human mind to computer systems.

Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Enhancing by Shounak Dasgupta

Our Requirements: The Thomson Reuters Belief Ideas.

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