Elon Musk, the owner of Tesla, SpaceX, and Twitter, has lost the title of being the world's richest. According to the Bloomberg Billionaires Index, Bernard Arnault has replaced him. He has now become the richest man in the world. Musk has suffered a major setback after Twitter's acquisition.
Arnault heads the fashion giant LVMH. The wealth of 51-year-old Elon Musk has declined by about $ 100 billion so far this year. His net worth has come down to $168.5 billion, while Arnault, 73, was valued at $172.9 billion on Monday morning. LVMH accounts for 48 percent of Arnault's wealth. According to Forbes the conglomerate owns around 70 fashion and beauty brands.
Tesla's share price fell by 50 percent
This year has been bad financially for Elon Musk. The value of his property has come down drastically. Recently, he acquired Twitter, the world's leading micro-blogging site, for $44 billion. After this, he suffered an economic setback due to the fall in the share prices of his companies. The stock of his flagship company Tesla has fallen by 50 percent this year.
Musk also tried to back out of the Twitter acquisition, but had to buy it due to a court tussle. To acquire Twitter, he had to sell Tesla shares worth more than $15 billion. When Musk finalized his acquisition of Twitter in October, the Bloomberg Wealth Index cut his net worth by $10 billion. Since the acquisition of Twitter, Musk has been making extensive changes to it. Steps like retrenchment and policy changes have also been taken, but controversies have also arisen along with these.
LVMH is a leader in fashion, wine, and retail
At the same time, France's LVMH (LVMH Moet Hennessy Louis Vuitton), the leading company of Bernard Arnault, who took the title of the world's richest man from Musk, is making huge profits from the boom again in the fashion, wine and retail sectors. Apart from the company's Christian Dior, Fendi, jewelers Bulgari, and Tiffany & Co, brands such as champagne houses have been steadily increasing their wealth.
The Indian team made a strong start against Bangladesh, with the opening pair of Abhishek Sharma
The miscreants had already made a plan to pelt stones to spread violence during the religious vis
Manipur Violence: Armed miscreants opened fire, Indian Army jawan was injured in retaliatory action
Manipur Crisis: Violence has been going on in Manipur for the last one and a half months. Every d
The Indian team has not won a single ICC trophy since 2013. During this, Team India has been disa
China: China wants to control Pakistan's media, shocking revelation in American report
A shocking revelation has been made in an American report. It has been claimed in this report tha
Modi said on the statue of Mahatma Gandhi in the United Nations: Every Indian is proud to see this
Prime Minister Narendra Modi on Thursday said that the statue of Mahatma Gandhi at the United Nat
India Canada Row The rift between India and Canada has increased significantly in the last few mo
Government On Rashmika Mandanna Deepfake Controversy: Rashmika Mandanna recently came into the li
The Maharashtra government has approached the Supreme Court in the case of the 2006 horrific trai
West Bengal: 'Situation like Bangladesh in Bengal', BJP attacks Mamata government
The BJP has expressed concern over the deteriorating law and order situation in Bengal. The party
