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.
Lovepreet Toofan, the aide of Waris Punjab De chief Amritpal Singh, has been released. After comi
External Affairs Minister S Jaishankar met Yamada Kenji, Minister of State for Foreign Affairs of
New GST Rates: Answers to 10 questions arising from the decision of 5 and 12 percent GST, which directly affect the common man
The GST Council has made a historic reform in the rates of indirect taxes and has approved only tw
Campaigning for the assembly elections in Jharkhand is in full swing. Today, Prime Minister Naren
RSS chief Mohan Bhagwat, while advocating three children for a couple, said that in a society in
Today is International Moon Day 2023, Buzz Aldrin's first steps on the moon with Neil Armstrong
Today, on July 20, International Moon Day is being observed globally. International Moon Day is c
West Bengal Chief Minister Mamata Banerjee fell for some reason while walking at her residence la
US President Donald Trump recently praised Prime Minister Narendra Modi, calling him his friend a
Consequences of protest: Iran gives death sentence to a protester against hijab
Iran has started punishing anti-hijab protesters. Giving information, the government has said tha
Royal Challengers Bangalore has won the IPL 2025 title. In the final, RCB defeated Punjab Kings b
