Sat 03 June 2023:
Elon Musk, CEO of Twitter, briefly surpassed Bernard Arnault, CEO of Louis Vuitton’s parent company LVMH, to reclaim the title of world’s richest person before losing it.
Arnault is now worth $216 billion, whereas Musk is worth $200 billion, according to Forbes Real-Time Billionaires List.
Musk’s net wealth fell by more than $100 billion in 2022, and he was replaced as the world’s richest man by Arnault in December of last year as well.
Musk’s net worth was $168.5 billion in December 2022, less than Arnault’s net worth of $172.9 billion.
In January 2021, Musk became the richest person in the world for the first time, with a net worth of more than $185 billion.
Meanwhile, as of last month, Musk-owned Twitter is worth only about $15 billion, a massive 33 percent lower than the $44 billion Musk and his co-investors paid to acquire the platform.
Meanwhile, as of last month, Musk-owned Twitter is worth only about $15 billion, a massive 33 per cent lower than the $44 billion Musk and his co-investors paid to acquire the platform. Twitter has struggled financially since Musk took over.
Financial services giant Fidelity had estimated in its monthly report of portfolio valuations that Twitter is now worth just one-third worth of what Musk paid for the micro-blogging platform.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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