Elon Musk Loses Crown as World Richest Person, and now Elon Musk is not the richest person. This news was covered by every media globally. Today we have two breaking news, and both are related to Elon Musk and His twitter adventures. If you ask how much Elon Musk is worth then the recent takeover of Twitter by Elon Musk has had a dramatic impact on his wealth, resulting in it dropping to $163.7 billion, a massive decrease from its all-time high of $320 billion in November 2021. This downfall comes simultaneously as Tesla’s stock has plummeted to its lowest levels in history. As a result, Musk lost his title as the world’s richest person to Bernard Arnault, CEO of luxury giant LVMH, and the gap between their fortunes has only grown since then. The Twitter takeover may have been Elon Musk’s, Waterloo. At the end of 2022, Elon lost the world’s richest man in 2022 top 100 richest people in the world.
Bernard Jean Étienne Arnault, born on 5 March 1949, is an illustrious French business magnate, investor, and art collector. He is the co-founder, chairman, and chief executive officer of LVMH Moët Hennessy – Louis Vuitton SE – the world’s largest luxury goods company. With an estimated net worth of US$181.8 billion as of December 2022, Forbes has ranked him as the wealthiest person in the world. Arnault’s immense success is attributed to his bold business strategies, innovative product offerings, and unwavering passion for the luxury industry. Learn more about the extraordinary life of Arnault in the next video.
How Elon Musk Loses Crown as World Richest Person?
The past three months have been a tough time for Tesla. Over 51% of its value has been wiped out, and its stock price has dropped 33% since Elon Musk purchased Twitter in late October. Leo Koguan, a billionaire “Elon Musk fanatic” and self-proclaimed third-biggest Tesla investor in the world, has been one of the company’s most vocal critics. Last week, he suggested that the Tesla board replace Musk with a “working full-time CEO” since he allegedly “abandoned” the company. Tesla shares have seen their sharpest decline since the company’s market debut in 2010, with prices plummeting by as much as 64% from their peak last November and 23% in only the last month. These losses began soon after Elon Musk’s April offer to buy Twitter, a transaction which was completed in late October.
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However, Leo Koguan stance softened on Sunday when he clarified that he hopes Musk will remain at Tesla and hire someone else to run Twitter. Musk has sold roughly $40 billion worth of Tesla shares over the past 12 months, with $7.5 billion of those sales occurring following his purchase of Twitter. In the wake of widespread criticism of the billionaire and Twitter over the exclusion of notable journalists and modifications to the company’s rules, Musk surveyed Twitter users and found that the majority of respondents wanted him to resign as CEO.
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The sentiment among Tesla investors is clear: Tesla needs Elon Musk’s full attention. Unfortunately, Musk’s prolific tweeting and active involvement with Twitter, rather than Tesla, has caused many investors to call for his removal as CEO of Twitter. With the poll closing on Monday, Musk’s tenure as CEO of Twitter is ending. This move could help shift the focus back to Tesla and restore investor confidence in the company, representing a new era of growth and innovation for the brand. If Musk can dedicate his full attention to Tesla and find a suitable new CEO for Twitter, then the future looks particularly bright for both the company and its investors.
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Elon Musk Loses Crown as World Richest Person, but what next?
Now coming to Musk’s Twitter poll results. More than 57.5% of voters in Musk’s poll, which ended early Monday morning, wanted him to resign as CEO. Musk has said he will abide by the results of the survey. Musk apologized for Twitter’s latest controversial move, which forbade users from posting links to other social media sites like Facebook, Instagram, Mastodon, and several others, before he shared the poll, saying that users would now vote on all major policy changes at the platform. Following through on Musk’s pledge, the official @twittersafety account has begun polling users on whether the network should implement a policy prohibiting connections to rival social media sites. Over the course of more than 180,000 votes, more than 86% of respondents expressed their disapproval of this policy. Several investors in Tesla have questioned Musk’s dedication to the electric car firm, prompting him to propose his resignation as CEO of Twitter.
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