How Elon Musk Lost His #1 Spot On The World’s Richest List… For A While?

With a net worth of $185.7 billion, Elon Musk tops the current Forbes list as of September 2021. Jeff Bezos, the current founder of Amazon.com (AMZN.O), was replaced by Musk in this position.

Elon Musk, CEO of Twitter, Tesla and SpaceX, briefly lost his prized title as the world’s currently richest person on Wednesday, according to Forbes, in a fiscal year that has already seen his net worth plummet by a massive $100 billion.

This follows a sharp drop in the current value of Musk’s stake in electric vehicle maker Tesla, a bloodbath in Tesla’s share price this year, and Musk’s much-publicized $44 billion acquisition of Twitter.

Elon Musk is briefly overtaken by Louis Vuitton CEO Bernard Arnault

But who did he lose the championship to? The CEO of Louis Vuitton’s parent company, LVMH, Bernard Arnault, along with his family, briefly held the title of currently the richest person in the world.

However, with a current personal fortune of $184.7 billion, they quickly climbed back up to number 2 on the Forbes live list of billionaires. According to Forbes, Arnault briefly surpassed Musk’s net worth of $185.3 billion with a net worth of $185.4 billion. Musk later retook the top spot.

With a current net worth of $185.4 billion, Elon Musk, who has topped the Forbes list since September 2021, is the richest person in the world. Musk took over Jeff Bezos, the man who founded Amazon.

According to a Reuters report, Tesla shares are currently down more than 47% of their estimated value since Musk made his bid to buy mostly Twitter earlier this year. The stock is down more than 56% over the year as a whole.

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Elon Musk’s Net Worth Decline

On November 8 of this year, as investors began selling their Tesla shares, Elon Musk’s net worth fell below the $200 billion mark for the first time. That worries Musk, Tesla’s CEO and largest shareholder, who is more focused on Twitter. Additionally, Musk’s $56 billion Tesla compensation package was challenged in court last month.

how Elon Musk lost his top spot on the world's richest list... for a while

Bernard Arnault, the head of LVMH, the parent company of brands like luxury brand Louis Vuitton, and his family briefly held the title of the richest people in the world, according to Forbes. However, they fell to second place with personal wealth of approximately $185.3 billion.

With a net worth of approximately $185.7 billion, Musk also tops the current Forbes list as of September 2021. Jeff Bezos, the current founder of Amazon.com, has been succeeded by Musk.

Tesla shares fell 2.7%, despite losing more than 47% of their current value, as Musk also made his bid to buy mostly Twitter earlier this year.

Investors also sold shares of Tesla on Nov. 8 over concerns that Musk, the company’s CEO and largest shareholder, was focusing more on the Twitter platform than Tesla’s current business. As a result, Musk’s net worth also fell below $200 billion.

Since Musk’s bid for Twitter in April, Tesla’s market value has also fallen by almost half and his personal fortune has shrunk by about $70 billion. Musk completed the acquisition of Twitter in October with a commitment of $33.5 billion in equity and $13 billion in debt.

Along with Tesla, Musk is CEO of Neuralink, a start-up developing ultra-high-bandwidth brain-machine interfaces to connect the human brain to computers, and of the rocket company SpaceX.

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Musk’s net worth is down about $70 billion since his Twitter bid in April and about $100 billion so far this year. Tesla’s market value has already fallen by almost half. The report claims that Musk closed the $44 billion Twitter deal in October with a commitment of $33.5 billion in equity and $13 billion in loans.

Additionally, Musk has sold his shares three times this year, the most recent sale coming shortly after the Twitter acquisition in late October. He also donated $5.7 billion worth of Tesla stock to charity earlier this year.

Earnings from Tesla, Twitter, SpaceX, Neuralink, and The Boring Company are among Musk’s assets.

elon musk loses: elon musk is losing 2500 crores every day this year rs: Here's why - the economic times

Musk also employs two of his cousins:

No one is aware of Elon Musk’s future viability. After a protracted struggle, he took over Twitter. The new Twitter CEO laid off half of the workforce soon after the takeover, including some of the current top executives like Parag Agrawal and Vijay Gadde. Twitter is hiring some positions, particularly engineering positions, after several rounds of layoffs. According to one recent report, Musk also hired two of his paternal cousins ​​from Twitter.

The Twitter CEO hired his cousins ​​James and Andrew Musk for full-time positions at the company, according to a BusinessInsider report. James Musk is rumored to be “a fix guy,” which now likely means he’ll be supporting Elon Musk on a variety of assignments, and Andrew Musk has joined Twitter to work on software engineering projects.

Musk is on a hiring frenzy.

Musk seems to be hiring a lot lately. The billionaire is said to have hired engineers from Tesla and The Boring Company alongside his cousins. According to the same report, Alex Spiro and Jared Birchall, who run Musk’s family office, will be hired by Musk.

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Musk recently stated in one of the company meetings that he intends to build Twitter 2.0 from the ground up. The billionaire explained during the meeting that “significant parts of the technology stack need to be built from scratch,” and he also mentioned that it would be wise to “decentralize things a bit” by having engineering teams in Brazil, Japan, India and Indonesia would be established .

Elon Musk loses crown as Forbes richest person

Software engineers and sales positions are reportedly currently being filled by Twitter’s human resources department. There are currently no open positions listed in India on the company’s careers page.

The billionaire has laid off 50% of the workforce since taking over as CEO of Twitter. Twitter has reportedly laid off 90% of its employees in India, leaving only 20-24 people behind. Musk fires janitors after laying off workers from different industries and nations. Many janitors have reportedly been locked out by Twitter’s boss without notice since last week. The company abruptly terminated the contract, necessitating the cleaning of the Twitter offices, and the local Service Employees International Union (SEIU) was notified.

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