Tesla shares plummet, Elon Musk is no longer the richest individual in the world
Twitter owner Elon Musk is no longer the richest individual in the world.
This is contributed by the sudden drop in the value of his shares in the electric car company, Tesla this year.
Musk’s position is now filled by Bernard Arnault, Chief Executive of the LVMH goods group.
Based on Forbes and Bloomberg reports, Musk’s wealth is now worth US$178 billion.
Meanwhile, Bernard Arnault has more than US$188 billion.
Reports say that Musk is the Chief Executive and the largest shareholder in Tesla, which is 14 percent.
Musk completed the acquisition of social network Twitter in October for US$44 billion.
Forbes said that Musk’s wealth decreased due to the Twitter takeover effort being interrupted by legal issues for several months.
The span of time due to the legal process leading up to the settlement of the Twitter takeover, observers see, it pushed the share price in Tesla to plummet.
After taking a stake in Twitter earlier this year, Musk began offering to buy the social network in April for US$44 billion, which many saw as too high.
In July, he withdrew from the offer, leading to a situation where many fake accounts appeared on the platform.
The Twitter Executive Group acted to take legal action to ensure that Musk did not violate but instead stick to his offer of US$44 billion.
Musk later sold billions of dollars worth of shares in Tesla to shore up his ownership, sending the electric vehicle company’s stock tumbling.
Tesla has also been affected by many of its cars being recalled due to government investigations into accidents and its self-driving features.