Elon Musk May Lose World’s Richest Man Title

It has been on the agenda lately with its acquisition of Twitter and what it has done on the platform. Elon MuskRecently, he lost his place on Forbes’ billionaires list, falling to the position of the second richest person. However, the famous entrepreneur was able to sit on the top again in a short time. The 51-year-old businessman is currently the richest person in the world, ahead of Bernard Arnault by several billion dollars.

So, can Musk lose this title for a long time? As it is known, the famous billionaire reached a fortune of $ 300 billion last year, making a difference to his competitors. However, what happened this year caused a serious decline in Musk’s wealth. The developments after the move to buy Twitter also revealed that the business person may lose the title of the richest person.

Tesla shares have fallen by half since April

Electric car giant Tesla is the biggest source of Elon Musk’s wealth. But the giant company’s shares have fallen by nearly half since the CEO submitted a bid to buy Twitter in April. This led to a loss of $ 70 billion in Musk’s net worth.

Shares of the auto giant on April 13 340.79 It was traded in dollars. Since then, this number has decreased by 49% due to various problems such as problems in the supply chain and high raw material costs. 173.44 down to $. Also, the Tesla boss has been working from April to today to fund the Twitter acquisition. Sold $20 billion worth of Tesla stock. According to Reuters, Musk currently owns 445 million shares of Tesla. This shows that the drop in the stock caused the value of Musk’s holdings to drop from 151 billion to 77 billion.

Investors worried about Musk’s time spent on Twitter

Also, Tesla investors are concerned about Musk’s Twitter move. worried It should be added that it has been reported. Accordingly, investors are skeptical about how the famous entrepreneur divides his time between the social media platform and startups such as SpaceX and Tesla. According to the information received, shareholders are considering Musk’s decision to manage Twitter. you spend a lot of time and he thinks it’s too distracting. It should be added that since the platform lost $221 million last year, Musk was already going through a tough time before he took the helm.

We will see in the future whether the events will cause Musk to lose his title as the richest person in the world. Let us remind you that Bernard Arnault, CEO of LVMH, the umbrella company of fashion giant Louis Vuitton, and his family are in second place. According to Forbes, Musk’s current fortune is $ 190.5 billion, while Arnault and his family have a fortune of $ 187.3 billion.