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.
After two years of efforts, Chief Minister Pushkar Singh Dhami on Tuesday created history by layi
No date has been decided yet for the constable recruitment examination in Uttar Pradesh Police, b
Pakistan has become an election issue in the country's general elections. Meanwhile, amid electio
It is said about Karan Johar and some of his friends that they keep up with every gossip of Bolly
OnePlus has launched two affordable phones OnePlus Nord 3 5G and OnePlus Nord CE 3 5G and wireles
The Indian team, which was undefeated so far in the World Cup, got two days' rest after the match
Delhi Chief Minister Arvind Kejriwal's wife Sunita Kejriwal once again addressed the media. A cam
You were surprised, weren't you? But something similar has happened in Peru. Here an 800-year-old
The official website BookMyShow crashed on Wednesday as soon as tickets for the India-Pakistan T2
Police have made a sensational disclosure of the famous Saurabh murder case in the Meerut distric
