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.
Telugu star and National Award winner Allu Arjun has recently completed the shooting of his most
Corona is wreaking havoc in China, Japan, and America. Meanwhile, a slight increase in active cas
Bollywood actress Parineeti Chopra and her husband-politician Raghav Chadha, are going to become
Neighboring country Bangladesh is still in turmoil after the coup. Five Bangladeshi citizens who
Russia-Ukraine war: Ukrainian MP praises PM Modi, appreciated Indian stance on war
Ukraine MP Vadim Halaichuk has praised PM Modi. He said that we are grateful for Indian PM Narend
Chirag Paswan is a great story of political transformation in Bihar and national politics. After
Bollywood actor Varun Dhawan is busy preparing for the release of his upcoming film Baby John. Th
The US claimed to have killed Al Qaeda chief Ayman al-Zawahiri in a drone strike in Kabul, Afghan
IND Vs IRE T20: Arshdeep recorded his name in the pages of history, broke Jasprit Bumrah's record
Indian team's young fast bowler Arshdeep Singh has registered his name in the pages of history by
ED's action against Tamil Nadu Government's Electricity Minister Senthil Balaji has heated the po
