Elon Musk, the owner of Twitter and CEO of Tesla (TSLA.O), temporarily lost the title of the richest man in the world on Wednesday as a result of a sharp decline in the value of his stock in the electric vehicle manufacturer and a $44 billion bet on the Twitter, the social media company, according to Forbes.
Elon Musk
Bernard Arnault and his family briefly held the title of the world's richest before falling to No. 2 with a personal wealth of $185.3 billion, Forbes said.
Arnault is the chairman and chief executive of LVMH, the parent company of the luxury brand Louis Vuitton.
With a net worth of $185.7 billion, Musk has been ranked first on the Forbes list since September 2021. Jeff Bezos, the founder of Amazon.com (AMZN.O)held the title before Musk took it over.
Tesla shares have lost more than 47% of their value since Musk announced his offer to buy Twitter earlier this year and were down 2.7%, Reuters reports.
Investors sold off Tesla stock earlier on November 8 because of concern that the company's CEO and top shareholder, Elon Musk, was more preoccupied with Twitter than with Tesla's operations. Musk's net wealth as a result fell below $200 billion.
Tesla's market value has dropped by roughly 50% since Musk's offer for Twitter in April, and his wealth has dropped by nearly $70 billion. Musk successfully acquired Twitter in October with $33.5 billion in equity and a $13 billion debt commitment.
In addition to Tesla, Musk is the CEO of Neuralink, a firm creating ultra-high bandwidth brain-machine interfaces to link the human brain with computers, and SpaceX, a rocket company.
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