
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.
Cyclone Biparjoy, which arose from the south-central Arabian Sea on June 6, is moving towards Raj
Former Indian opener Gautam Gambhir has returned to Kolkata Knight Riders. Kolkata made a big ann
The play of Jagat Niyantara Jagannath Mahaprabhu was completed on Monday at Janam Bedi. Today, Ma
Indian spinners dominated on the third day of the fourth Test match between India and England. In
Ponniyin Selvan 2 Trailer: PS 2 trailer launch in presence of Aishwarya Rai and Mani Ratnam
Ponniyin Selvan 2 Trailer: The trailer of Aishwarya Rai Bachchan's much-awaited film PS2 has been
Gurucharan Singh Missing: No trace has been found yet of Gurucharan Singh, who became famous
Congress MP Shashi Tharoor has made important remarks on the lynching of a Hindu youth in Banglad
A copy of the FIR has surfaced in the Sambhal violence. The FIR has revealed a sensational truth
The world's largest religious-cultural gathering Maha Kumbh 2025 has started in Prayagraj from Mo
Thalaivar 171 First Poster: Filmmaker Lokesh Kanagaraj, who has given blockbuster films like Mast