BUSINESS CONSTRUCT

Elon Musk no longer the world’s richest person

According to the Bloomberg Billionaires Index, Elon Musk ‘s fortune has dropped by more than $100 billion since January, to $168.5 billion.

According to the Bloomberg Billionaires Index, Elon Musk's fortune has dropped by more than $100 billion since January, to $168.5 billion.
Elon Musk (Image via Theo Wargo/Getty)

Elon Musk, the new owner of Twitter, has seen his fortune fall from a height of $340 billion, knocking him off the top of the list of the world’s richest individuals.

Bernard Arnault, who owns 48 percent of fashion behemoth LVMH, has surpassed Musk as the world’s richest person, with a net worth of $172.9 billion.

According to data compiled by FactSet, Elon Musk’s 14.11 percent Tesla stock is worth $530 billion at the current market price. The fact that he owns over 40% of SpaceX also contributes to his fortune.

The stock in Tesla the entrepreneur owned increased in value by over a thousand percent in just two years, dramatically increasing the man’s wealth.

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Musk unsuccessfully attempted to leave Twitter. He sold more than $15 billion in Tesla shares in April and August to fund the purchase.

After he bought Twitter in October, the Bloomberg wealth index took $10 billion off his wealth because shares of similar companies have gone down since he made his bid.

Musk has promised to fix the social media site, but he faces many problems, some of which he made himself. He criticized Apple Inc. and threatened to remove Twitter from its App Store at a time when other firms were pulling their advertising.

Check out trusted sources: economictimes.indiatimes.com, ndtv.com

Twitter’s interest expenses are anticipated to exceed its revenues in 2021. According to Bloomberg, Musk’s creditors are considering providing him with further margin loans secured by Tesla stock to help him repay some of the high-interest debt he picked up on Twitter.

After spending $44 billion to acquire Twitter, Musk has been under intense scrutiny.

He has sacked the top executives and is demanding that his staff sign a paper committing them to long, exhausting hours at work under the banner of “Twitter 2.0.” Musk is constantly promoting conservative political views on Twitter, where he has a large following.

Twitter’s new CEO saw the return of divisive rapper Kanye West and former U.S. president Donald Trump within days of his appointment. Intense criticism was levelled in response to this. While this was going on, a number of famous people, including Whoopi Goldberg, Elton John, Gigi Hadid, Shonda Rhimes, and Jim Carrey, all quit the social media site.

Compared to Musk, the new richest man, Arnault, is relatively drama-free.

Although Arnault has consistently ranked among the world’s wealthiest people, his fortune has never expanded at the same exponential rate as that of US tech billionaires. High-interest rates destroyed the wealth of Mark Zuckerberg, Jeff Bezos, Larry Page, and Sergey Brin of Alphabet Inc., but they haven’t hurt his business.
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