
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.
Social activist Snehmayi Krishna has demanded an FIR against Chief Minister Siddaramaiah, Deputy
Prime Minister Narendra Modi campaigned in Anand, Gujarat today. During this campaign, he al
India ranks 126th among 143 countries in the Global Happiness Index. In this index released on We
UPI-PayNow: India's UPI linked to Singapore's PayNow, know how it benefits the common consumer
India's UPI is gaining popularity around the world because of its fast payment speed and ease of
Prime Minister Narendra Modi is participating in the Empowered Women Development India program to
This new actor enters the Battle of Galwan, will he become an Indian Army officer like Salman Khan?
Earlier this month, superstar Salman Khan announced his upcoming much-talked-about film, Battle o
The Supreme Court will hear on Thursday a batch of PILs challenging the validity of certain provi
Human Rights Week is being celebrated across the world from 10 December. In which voice is being
Protests are still going on in many parts of the country after the incident with a 31-year-old wo
After the uproar during the survey of Shahi Jama Masjid on 24 November in Sambhal district of Utt