Elon Musk is no longer the world’s richest man after a steep drop in the value of Tesla shares.
The tech mogul billionaire has now been overtaken by Bernard Arnault, the chief executive of luxury goods company LVMH, according to Forbes and Bloomberg.
The Tesla CEO’s wealth had reportedly been cut in half from its $340billion (£285billion) peak, in part due to his $44billion (£35billion) Twitter purchase.
Forbes reported that, as of today (December 14), Musk is now worth $176billion (£144billion). Arnault, meanwhile, is worth $187billion (£151billion).
Musk’s high-profile purchase of Twitter took place back in in October, a move that has since continued to generate headlines and controversy.
The SpaceX boss spent weeks wrestling with a paid verification system and banning people for impersonating him. In the wake of the executive firings, the site was rumoured to be on the brink of collapse, before Musk allegedly told the remaining staff they must “work long hours at high intensity” or leave the company.
The paid verification ‘Twitter Blue’ option has now relaunched, along with new gold ticks to indicate businesses in a measure he described as “painful, but necessary”.
Since the takeover, Elton John has been among those to leave the platform, with the singer saying that he cannot allow “misinformation to flourish unchecked”.
Dave chappelle brought up Elon musk up on stage at the chase center. Had to pry the yonder for this ahaha pt 1 pic.twitter.com/zCYNUf3Hhz
— Cleo PatrA (@CleoPat48937885) December 12, 2022
This weekend (December 11) Musk was booed after appearing onstage during a Dave Chappelle show.
Musk was introduced as “the richest man in the world” by the comedian during a show at the Chase Center in San Francisco.
However, when he walked on stage, the audience gave him a mixed reception according to footage posted on social media, Chappelle noting: “Cheers and boos I see…”