After a sharp decline in the value of his stake in the electric-car manufacturer Tesla and a $44 billion bet on the social media firm Twitter, Tesla boss and Twitter owner Elon Musk lost the title of world's richest person to Bernard Arnault on Wednesday. Arnault is now the richest person in the world.
During the morning session of trade on Wednesday, December 7th, 2022, Tesla's share price experienced a decline of approximately 4%.
This news comes several months after Musk sold Tesla equities to raise money for the purchase of Twitter for $44 billion.
Forbes identifies Bernard Arnault as the "world's richest person" with a personal wealth of $185.4 billion. Arnault is the founder of LVMH Mot Hennessy – Louis Vuitton SE, the largest luxury goods company in the world. He also holds the title of "world's richest man."
In 2021, Elon Musk surpassed Jeff Bezos, the founder of Amazon.com, to become the richest person in the world. Musk's net worth was estimated to be 185.7 billion dollars at the time.
Since April, when he made an offer to purchase Twitter, Elon Musk's personal wealth has decreased by almost $70 billion, and the market value of Tesla has decreased by roughly half.