(MENAFN- Khaleej Times)
Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stakes in the electric-car maker, and a $44 billion bet on the social media firm.
Bernard Arnault - the chief executive of luxury brand Louis Vuitton's parent company LVMH - and his family briefly took the title as the world's richest, but were back at No 2, with a personal wealth of $185.3 billion, according to Forbes. Photo: Forbes Real Time Billionaires List
Musk - who has held the top spot on the Forbes list since September 2021 - has a net worth of $185.7 billion. He took over the title from Amazon.com founder Jeff Bezos.
Tesla shares - which have lost more than 47 per cent in value since Musk made his offer to buy Twitter earlier this year - were down 2.7 per cent.
india: billionaire business tycoon gautam adani now world's second richest man
japanese billionaire to make 'big announcement' on space after meeting musk
three uae expats feature in the top 100 richest indian list
Musk's net worth dropped below $200 billion earlier on November 8 as investors dumped Tesla's shares on worries that the top executive and largest shareholder of the world's most valuable electric-vehicle maker was more preoccupied with Twitter.
Tesla has lost nearly half its market value, and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. He closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces for various groundbreaking purposes.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.