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.
Rapper Hanumankind has become quite popular in India and other countries these days. A few weeks
Uttar Pradesh Chief Minister Yogi Adityanath assured that people of all religions are safe in the
Tirupati Laddu Controversy: Pawan Kalyan reacted sharply to Karti's statement, saying this big thing
Actor Karti is in the headlines due to one of his statements. Recently, a video of him started go
Bollywood actress Sonakshi Sinha and Zaheer Iqbal are making headlines these days for their marri
Motorists using the expressway will have to pay more from Monday. The National Highways Authority
Kane Williamson scored a hundred against SA in 2nd innings: Kane Williamson has once again scored
New priests have been put on duty in Ram Mandir. Many tough rules have also been made for the pri
Israeli Prime Minister Benjamin Netanyahu issued a statement not allowing those who support terro
Sunrisers Hyderabad defeated Lucknow Super Giants by six wickets on Monday in IPL 2025. In this m
The weather in Delhi-NCR has changed. The rain that began late Sunday night continued on Monday.
