
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.
Indian team fast bowler Mohammad Siraj has reported 'corrupt thinking' to BCCI's anti-corruption
After Ranveer Allahabadia's objectionable statement in Samay Raina's show 'India's Got Latent', h
The main opposition party of the state, SP, is going through a tough test. Before the 2022 assemb
Amid the controversy over the alleged use of animal fat in the ghee of laddus of Andhra Pradesh's
WI vs ENG 2nd ODI Match Report: The second match of the three-match ODI series being played betwe
'By 2041, Muslims will equal the population of Hindus', Assam CM's shocking claim.
Pointing out the magnitude of demographic change in Assam, Chief Minister Himanta Biswa Sarma cla
The case of alleged black marketing of tickets for the Coldplay concert to be held in Mumbai is g
The Central Bureau of Investigation (CBI) on Monday completed the second round of polygraph tests
In the fifth match of IPL 2023, Mumbai Indians suffered a crushing defeat by 8 wickets against Ro
Aam Aadmi Party MLAs created a ruckus during the address of Lieutenant Governor VK Saxena in the