MUSK REGAINS HIS SPOT AS WORLD’S RICHEST PERSON AS TESLA SHARES JUMP

Tue 25 July 2023:

Elon Musk, the CEO of Tesla and SpaceX, has reclaimed the title of “the richest person in the world,” surpassing Bernard Arnault, the head of the LVMH luxury goods conglomerate in France.

Musk’s net worth grew to $240.7 billion as of 12:00 local time, according to Forbes magazine’s list of the world’s wealthiest people.

Musk regained the title as a result of the more than 2.5% increase in the share price of Tesla.

The wealth of Arnault, chairman of luxury goods giant LVMH, which owns Louis Vuitton, Christian Dior and Tiffany, fell more than 1% to $234.9 billion. Musk surpassed Arnault and took first place in the list of the richest people in the world.

Jeff Bezos, the founder of Amazon and the richest person in the world for a while, took third place with a fortune of $151.9 billion.

Bezos was followed by Oracle founder and former CEO Larry Ellison with $148.1 billion, Microsoft founder Bill Gates with $120.6 billion and Berkshire Hathaway CEO Warren Buffet with $117.3 billion.

Musk, who bought Twitter for $44 billion last year, changed the company’s logo from “blue bird” to the letter “X” on Sunday and directed the X.com domain name to the site.

Musk spent the weekend teasing an imminent reinvention and unveiled a new name and logo yesterday.

His desire to impose sweeping changes to such a recognisable social media brand prompted confusion, but the SpaceX and Tesla owner defended the move in a late night tweet.

Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.

The Twitter name made sense when it was just 140 character messages going back and forth – like…

— Elon Musk (@elonmusk) July 25, 2023

“The Twitter name made sense when it was just 140 character messages going back and forth – like birds tweeting – but now you can post almost anything, including several hours of video,” he said.

“In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world.

“The Twitter name does not make sense in that context, so we must bid adieu to the bird.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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