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Tuesday, December 5, 2023

Elon Musk loses title of world’s richest person… again

After briefly regaining his position as the world’s richest person, Elon Musk has lost the title once again, as reported by Fortune. According to Bloomberg Billionaires Index, his net worth had surged to an estimated $187.1 billion earlier this week. However, Tesla’s shares experienced a decline of over 5% on Wednesday, causing Musk’s net worth to drop by nearly $2 billion. Consequently, Bernard Arnault, CEO of French luxury brand Louis Vuitton, has retaken the top spot. Musk’s net worth dropped to $184 billion, down $1.91 billion on the day, placing him below Arnault’s $186 billion fortune.

Just two days after Elon Musk reclaimed the title of world’s richest person, he has now lost it again to French billionaire Bernard Arnault. Tesla’s share price fell over 65% in 2022, causing Musk’s net worth to plummet over $200 billion between November 2021 and December 2022. However, Tesla has since rebounded, climbing 100% due to increased investor demand, customer interest in discounted models, and a better economic forecast, according to Bloomberg.

Tesla’s plummeting stock value caused a sudden decline, resulting in the company’s worst year on Wall Street with a $700 billion loss, fueled by investor concerns over the effects of COVID-19 in China and Mr. Musk’s contentious takeover of Twitter. Despite the chaos surrounding his finances, Mr. Musk made light of the situation and joked on Twitter that he had spent $44 billion to acquire “the world’s largest non-profit” after continuously taking over the micro-blogging site in 2022.

Twitter, the social media company, has undergone significant layoffs under the leadership of billionaire Elon Musk. In November, Musk tweeted that the microblogging site was losing almost $4 million daily, and the company has since undergone eight rounds of layoffs, reducing its workforce from 7,500 employees to around 2,000.

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