Elon Musk, the CEO of Tesla, SpaceX and Twitter has reportedly lost his position as the world's richest person after losing $1.9 billion in just one day. This happened only 48 hours after Musk had reclaimed the title from Bernard Arnault. Last week, Musk had retaken the top spot with a net worth estimated at $187.1 billion. However, the shares of Tesla fell by more than 5% on Wednesday, which caused a reduction of nearly $2 billion in Musk's net worth. According to the Bloomberg Billionaires Index, Musk's current net worth is now $184 billion.
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Currently, Bernard Arnault, the CEO of LVMH, holds the title of the world's richest person with a fortune of $186 billion. This is due to Musk's net worth decreasing by over $200 billion between November 2021 and December 2022. Bernard Arnault dethroned Musk in December after Tesla's share price fell by 65% in 2022 due to various reasons, including demand slowdown, the economic situation, and Musk's acquisition of Twitter which affected investor sentiment.
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In November, Musk tweeted that Twitter was losing nearly $4 million a day, which resulted in him laying off around two-thirds of the workforce at the social media company. He had promised his employees that the layoffs were over, but very recently, he laid off at least 200 of its workforce or about 10% of the roughly 2,000 employees. Musk cited a ‘massive drop in revenue’ as advertisers pulled spending amid concerns about content moderation. He had previously fired dozens of employees in the sales and engineering departments.
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Tesla has stated that it will use innovative manufacturing techniques and smaller factories to reduce the cost of its next-generation vehicles. According to reports, Tesla said on the sidelines of its investor day presentation that the changes could bring the cost of a new generation of vehicles to around $25,000.
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Q1: Why did Elon Musk lose his title as the world's richest person?
Elon Musk lost his title as the world's richest person after Tesla's shares fell by more than 5%, reducing his net worth by nearly $2 billion.
Q2: Who is currently the world's richest person?
Bernard Arnault, the CEO of LVMH, is currently the world's richest person with a fortune of $186 billion.