HomeBusinessElon Musk is no longer the richest man in the world.

Elon Musk is no longer the richest man in the world.

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Elon Musk is no longer the world’s richest man after his stake in electric car giant Tesla plunged in value this year.

Mr. Musk has been overtaken by Bernard Arnault, chief executive of luxury goods group LVMH, according to both Forbes and Bloomberg.

Mr. Musk is Tesla’s chief executive and largest shareholder, with a stake of about 14%.

He completed the $44 billion acquisition of the social network Twitter in October.

According to Forbes, Mr. Musk is now worth around $178bn (£152bn).

Meanwhile, Bernard Arnault has a net worth of $188 billion.

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According to Forbes, Bernard Arnault has overtaken Elon Musk to become the richest person in the world.

Mr. Musk’s Twitter deal was completed only after months of legal wrangling, and some have cited takeover distractions as one of the factors behind the drop in Tesla’s share price.

After buying a stake in Twitter at the start of the year, Mr. Musk made his own offer of $44 billion in April, though many saw the offer as too high.

In July, it pulled out of the deal citing concerns over the number of fake accounts on the platform.

Ultimately, Twitter executives took legal action to block Mr. Musk from making his offer.

Dan Ives of investment firm Wedbush Securities said the “circus” surrounding the Twitter deal has weighed on Tesla’s share price.

“Musk has gone from a superhero in Tesla stock to a villain in the eyes of the street, as the controversy grows with every tweet,” he told the BBC.

“The Twitter circus show has damaged the Musk brand and has had a major impact on Tesla stock. Musk is Tesla and Tesla is Musk.”

Mr. Musk sold billions of dollars worth of Tesla shares to help with his purchase, which helped push the stock down.

Investors are also concerned that demand for the company’s electric cars could slow as the economy weakens, high borrowing costs discourage buyers and other automakers ramp up their electric vehicle offerings.

Tesla has also faced recalls, as well as government investigations into crashes and its Autopilot feature.

Also, read this article

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Who is Bernard Arnault? the world’s richest person, surpassing Elon Musk?

 

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