
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.
Pali MP Khel Mahakumbh is going to be organized at Bangar Stadium in Pali City on Saturday. More
As told in the review of the first episode of Netflix's new show 'The Great I
The holy month of worship of Allah, Ramzan will begin with the sighting of the moon. There is a p
The Indian team is to tour Sri Lanka for a limited-overs series later this month. The team has no
Prime Minister Narendra Modi departed for South Africa today. Departing from New Delhi for Johann
Pariksha Pe Charcha 2024: While interacting with the children in the Pariksha Pe Charcha program,
After the new allegations of irregularities in the medical admission exam NEET-UG and the harsh c
In the case of the deadly attack on former President Donald Trump in Pennsylvania, US President J
SP MP Ramji Lal Suman's statement on the rape incident, which made PDA an issue, has once again c
Bholaa Box Office Collection Day 6: Ajay Devgn's Bholaa finally gets a chance to celebrate. Bhola