Twitter and Tesla owner, Elon Musk‘s position as the richest man in the world was threatened on Wednesday as the chief executive of luxury brand Louis Vuitton’s parent company LVMH, Bernard Arnault took his place briefly as richest man in the world.
Naija News reports that as revealed by Forbes, the sharp drop in the value of his stake due to the recent purchase of Twitter to the tune of $44 billion was a major reason for the brief development.
According to Forbes, Arnault and his family briefly took the title as the world’s richest today but went back to number two on the list with a personal wealth of $185.3 billion.
Musk, who took over the tittle from founder of Amazon.com, Jeff Bezos, has held the top spot on the Forbes list since September 2021,with a net worth of $185.7 billion.
Musk sold stocks in his electric-car company in order to fund the acquisition of the social media company, Twitter.
Naija News reported on November 9 2022 that Musk sold about $4 billion worth of shares in Tesla.
It was gathered that Securities and Exchange Commission filings revealed the move by the Tesla chief, as sales of the shares in the electric car company followed his final acquisition of Twitter for the sum of $44 billion.
Available reports disclosed that documents filed with the United States SEC indicated that he had disposed of more than 19 million shares, in excess of $3.9 billion.
According to AFP, Musk has been pushing for ways to pay for the massive deal, for which he took on billions of dollars in debt and earlier sold $15.5 billion worth of shares in Tesla.
He took control of Twitter and fired its top executives in late October after a drawn-out back-and-forth between the world’s richest person and the influential social media company
Despite Musk’s net worth dropping below $200 billion earlier on November 8, he still remains number one on the Forbes list.
Arnault’s wealth worth $185.8. on Wednesday when he took Musk’s place before returning to the second on the list.
The 73-year-old French man is a business magnate whose headquarters is based in Paris, France.