Elon Musk is no longer the world’s richest man after a slump in the value of shares of his electric car company Tesla.
Forbes and Bloomberg on Wednesday reported that Musk has been overtaken by France’s Bernard Arnault, who is the chief executive of luxury goods group LVMH.
Musk is the chief executive and the largest shareholder in Tesla, with a reported stake of about 14%.
He completed a $44 billion (approximately Ksh.5.4 trillion) takeover of the social media platform Twitter in October. Tesla lost more than half of its market value since Musk first made a bid for Twitter in April.
Forbes places Musk’s net worth at about $178 billion (Ksh.21.9 trillion) now.
Meanwhile, Bernard Arnault has a value of $188 billion (Ksh.23.1 trillion).
Musk’s net worth dropped below $200 billion (Ksh.24.6 billion) earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]