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.
Riya Singha, who has won the title of Miss Universe India 2024, has got another big opportunity.
The United Nations has expressed concern over the spread of hate and misinformation on social med
Is Yuzvendra Chahal dating RJ Mahavash? Yuji himself revealed the truth.
Indian cricketer Yuzvendra Chahal recently spoke openly about his personal life in Raj Shamani's
Now few days are left for IPL 2023 to start. Even before this, the team of Royal Challengers Bang
US President Donald Trump made several important decisions after taking the oath of office. The T
The Indian Union Muslim League has expressed dissatisfaction over the absence of Wayanad MP and C
Pakistan Petrol Diesel Price After the release of the tax-laden mini-budget by the Government of
The US Justice Department claimed in a New York court that veteran businessman Gautam Adani and o
Nowadays you can see many babas on social media. More than half of them are playing with the emot
Bigg Boss 19: This TV actress got an invitation to Salman Khan's show, will she enter season 19?
Everyone is eagerly waiting for the controversial show Bigg Boss 19 on the small screen. Every da
