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.
These players will not go to Dubai with Team India for the Asia Cup 2025 BCCI took a surprising step
All the teams have geared up for the Asia Cup starting next month in the United Arab Emirates. Te
ISKCON priest Chinmoy Krishna Das, arrested in Bangladesh on charges of sedition, will have to re
The US State Department said in a statement on Wednesday that the US is supportive of starting a
Ajit Agarkar has been appointed as the new chief selector of the Indian cricket team. He will tak
On the occasion of National Space Day, a special program was organized at Bharat Mandapam in New
Salman Khan's show 'Bigg Boss 18' was in the news for a long time. On Sunday, October 6, at 9 pm,
Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi is on a US tour these days. He gav
PM Modi praised Manmohan Singh: While addressing the farewell ceremony of MPs in Rajya Sabha, PM
This was Sunita Williams' first reaction after returning to Earth, NASA released the video.
Astronaut Sunita Williams has returned to Earth. After spending 9 months and 14 days in space, Su
The first batch of 360 Indians evacuated from violence-hit Sudan under Operation Kaveri arrived i
