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The time has come for Elon Musk too to deal with a rather precarious economic situation on a global level and certainly not one of the best for growth. And so it is that after a period of dominance, our Elon lost the world’s richest man crown to LVMH CEO Bernard Arnault.
They talked about it first Forbes And Bloomberg, which consistently track the wealth levels of top global entrepreneurs. The change in position apparently came after further declines in the share value of its electric car company, the famous Tesla. Elon Musk certainly needs no introduction and in recent months he has made headlines for taking over ownership of Twitter, he is also CEO of Tesla and its largest shareholder, as well as founder of SpaceX, Starlink and Neuralink.
To cause the descent in the standings is almost certainly his electric car company, which has lost more than half of its market value since Musk first made an offer on Twitter last April. You just think about that Tesla shares were trading at 318 euros on April 13, 2022, the day before Twitter revealed the billionaire had made a bid worth $43.4 billion. Since then iTesla’s share price has fallen by more than 50% and is currently around 150 euros each. According to Forbes, the most recent stock price drops may have burned as much as $7 billion of Musk’s amassed fortune. And so, the most recent estimates tell us that his fortune is now worth an estimated $164 billion, compared to Arnault’s $171 billion.
Recall that Musk sold about $20 billion worth of Tesla stock to fund his purchase of Twitter, then the company’s market value came under pressure amid disappointing quarterly results and concerns that one of its plants in Shanghai was permanently closed. Tesla investors have expressed concern that Musk could be distracted by his other initiatives, and if already the issues of SpaceX were enough, the dynamics related to the management of Twitter could be really too much.
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