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 Central Government has declared Ahmed Ahangar alias Abu Usman al-Kashmiri, an Islamic State (
Janmashtami 2023 Krishna Janmashtami is celebrated across the country today. Crowds of devotees a
Prime Minister Narendra Modi inaugurated the second edition of the Global Automotive Exhibition o
After the announcement of the results of the medical entrance exam NEET UG 2024 on June 4, questi
Australia all-rounder Mitchell Marsh was seen allegedly disrespecting the prestigious World Cup t
The strength of the Indian Navy's fleet is going to increase further. Stealth Guided Missile Dest
A UN Security Council resolution on Wednesday (local time) urged Myanmar's junta to "immediately
Ajmer Train Conspiracy After Kanpur in UP, now a case of conspiracy to overturn a train has come
UEFA Champions League: Karim Benzema dashes hopes of Liverpool's return by scoring a goal
Following a 7–0 win against Manchester United in the English Premier League, Liverpool fans
Union Home Minister Amit Shah has said that in any country, border and internal security is not p
