Elon Musk, CEO of the biggest social media platform Twitter and Tesla boss, has lost his title of the world’s richest person.
The Forbes rich list tracks the wealth of the world’s billionaires in real time. The steep slope in Musk’s net worth is due to the electric-car maker and a $ 44 billion bet on Twitter.
Musk has held the top spot on the Forbes list since September 2021; He took over the title from Jeff Bezos, founder of Amazon.com.
CEO Elon Musk had a net worth of $185.7 billion; after he made his offer to buy Twitter earlier this year, which was down by 2.7 percent. Due to his decision, Tesla shares have lost more than 47 percent in value.
The net worth of Musk dropped below $200 billion as investors blew off Tesla’s shares on worries the top executives and largest shareholder of an electric-vehicle maker are more preoccupied with Twitter.
According to Forbes, Luxury brand Louis Vuitton’s parent company LVMH, Chief Executive Bernard Arnault and his family took the title with a personal wealth of $185.4 billion.
Tesla lost nearly half of its market value and Elon Musk’s net worth dropped by about $70 billion since he bid for Twitter. Musk closed the deal with $13 billion in loans and a $33.5 billion equity commitment.
Musk, CEO and owner of Tesla, is also head of the rocket company SpaceX and a startup company Neuralink that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
Image Credits: Bold Business
Other billionaires, according to Forbes, include Amazon founder Jeff Bezos at $111.3 billion, Adani group chairman Gautam Adani at $134.8 billion and Warren Buffett, CEO of Berkshire Hathaway at $106.4 billion.
Elon Reeve Musk is a business magnate and investor. He is the founder, CEO and Chief Engineer of SpaceX, an Angel investor, CEO and product architect of Tesla, Inc, founder of the Boring Company, co-founder of Neuralink and OpenAI, president of the Musk Foundation and owner and CEO of Twitter, Inc.
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