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.
Ravi Uppal, accused in the case of illegal betting and money laundering, has been detained in Dub
Heavy rain and storm caused havoc in California, 2 including a child died
Heavy rains and storms have caused havoc in California. Thousands of homes lost power due to the
Assam Chief Minister Himanta Biswa Sarma on Wednesday accused the Congress. Sarma said the Congre
Prime Minister Narendra Modi will flag off India's first Vande Bharat sleeper train today (Januar
Chinese Foreign Minister Qin Gang on Tuesday confirmed his participation in the G20 meeting on Ma
Big information has come to light regarding Ramlala's Pran Pratistha Mahotsav. General Secretary
While talking to students and teachers in America, the Leader of the Opposition in Lok Sabha and
Elon Musk, the owner of companies like automobile company Tesla and microblogging site Twitter an
Many western countries, including America, may be seen challenging Putin's army regarding the Rus
Senior Congress leader Shashi Tharoor on Wednesday expressed dissatisfaction over the government'
