Author: philip
Elon Musk’s reign as the world’s richest billionaire has come to an end, as per Forbes’ annual “World’s Billionaires List”. He has been officially deposed from the top spot and is now the second-richest billionaire, with Bernard Arnault, the chairman of French luxury goods giant LVMH, taking the lead. Arnault’s net worth has risen by over $50 billion in the past year, reaching $211 billion.
According to a recent analysis by Forbes, the net worth of Elon Musk, the CEO of Tesla, experienced a significant decline due to his costly $44 billion acquisition of Twitter, which was financed by Tesla shares. This acquisition reportedly frightened investors, causing the stock price of Tesla to plummet rapidly last year. Despite making significant strides in regaining the lost value this year, Tesla’s stock price is still significantly lower than its value prior to Musk’s purchase Twitter.
