After a significant decline in the value of his shares in the electric vehicle manufacturer Tesla this year, Elon Musk is no longer the richest man in the world.
According to Forbes and Bloomberg, Bernard Arnault, the head of luxury goods company LVMH, has surpassed Elon Musk for the top slot. Mr. Musk previously held that position.
Mr. Musk is Tesla’s CEO and the company’s top shareholder, with an estimated 14% stake. In October, he finished a $44 billion takeover of the social media site Twitter.
Forbes estimates that Mr. Elon Musk is currently worth around $178 billion (£152 billion). In contrast, Bernard Arnault is worth $188 billion. After months of legal fighting, Mr. Musk’s Twitter purchase was finally finalized. Some have attributed Tesla’s share price decline to the takeover’s distraction.
After investing in Twitter at the beginning of the year, Mr. Musk made his $44 billion offer in April, which many people thought was excessively costly. He backed out of the agreement in July, citing worries about the volume of phony accounts on the network.
Investors are also concerned that when the economy declines, higher financing costs deter consumers, and rival companies increase their electric vehicle offers, demand for the company’s electric cars may slow.
As a result of government investigations into collisions and its autopilot technology, Tesla has also been subject to recalls.
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