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.
Last month, China removed all the stringent restrictions imposed in the country regarding the cor
Tiger 3 Message Video Released: Salman Khan is ready to return to the spy universe with the film
On the first day of Sawan, on Friday, there was a rush of devotees in Shri Kashi Vishwanath Dham.
Allu Arjun's children Ayaan and Arha were spotted being taken to a safe place hours after the att
Salman Khan: Salman Khan started shooting for 'Battle of Galwan' in Ladakh, BTS picture goes viral
There is good news for Salman Khan fans as Salman has started shooting for his much-awaited film
Pictures and interesting facts about the wedding of Olympian Neeraj Chopra and tennis player Hima
Heavy rains continue to wreak havoc across the country due to monsoon. People are facing problems
Due to heavy rains in the district of Kullu last night, a cloudburst in Samana of Laghati has cau
Nirmala Sitharaman on Muslims Union Finance Minister Nirmala Sitharaman today attacked the 'negat
Comedian Kapil Sharma has opened a cafe in Canada, named 'Caps Cafe'. Recently, that cafe was att
