Forbes has announced that Elon Musk has lost his position as the richest man in the world after Tesla showed a sharp decline in the value of the stock.
This Tuesday (13th), the forbes announced it Elon Musk he lost his place as the richest man in the world after the Tesla, one of the companies of which he is CEO, shows a sharp drop in the value of its shares. Frenchman Bernard Arnault, CEO of luxury goods group LVMH, took the 1st place, both for the Forbes and Bloomberg lists.
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Last week, the owner of Tesla position temporarily lost, which was occupied by Arnault and his family. The French-led group is responsible for around 70 brands of clothing, cosmetics, wines and other luxury items, including Louis Vuitton, Marc JacobsSephora and Chandon.
According to Forbes, the assets of the French executive reached an amount of 188 billion dollars (997 billion R$) last Tuesday. Musk, on the other hand, has seen his wealth drop to US$178 billion (R$944 billion), as the Tesla shares has seen a decline of nearly 56% since announcing the purchase of Twitter for an amount of US$44 billion (R$229.1 billion). The billionaire is the CEO and largest shareholder of the electric vehicle maker, with about 14% of the company.
Tesla stock plummets and shareholder concerns
One of the main shareholder complaints is that Musk would be too focused on Twitter, in addition to his controversies that have scared investors. According to experts, the latest incidents involving the mini-blog platform would have been one of the main reasons for the drop in Tesla’s share price.
According to Dan Ives of investment firm Wedbush Securities, Musk went from “a superhero for Tesla stocks to a villain in the eyes of financial markets as excesses piled up with every tweet.” “The Circus of Twitter hurt Musk’s trademarks, which is a big deal for Tesla stock. Musk is Tesla and Tesla is Musk,” he concludes.
To fund Twitter, the billionaire also sold billions of dollars worth of Tesla stock, which encouraged the stock to slide. To top it off, the automaker has been hit with recalls, due to a criminal investigation with the autopilot. Finally, investors fear that demand for the company could decline, due to the global economic crisis, high loan rates and increasing competition from electric vehicles.
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Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
