Elon Musk, once worth as much as US$340 billion, has been displaced as the world’s richest person by Bernard Arnault.
Musk, 51, has seen his fortune tumble by more than US$100 billion since January to US$163.6 billion, according to the Bloomberg Billionaires Index. That’s less than the US$170.8 billion net worth of Arnault, 73, whose wealth largely derives from his 48 per cent ownership of fashion giant LVMH.
But his agreement coincided with the Federal Reserve and other central banks embarking on their most aggressive round of monetary tightening in a generation, slashing the valuations of high-flying companies like Musk’s Tesla Inc. The electric carmaker’s stock is down more than 50 per cent this year.Musk tried for months to get out of the Twitter deal, but failed. He offloaded more than US$15 billion in Tesla shares — about US$8.5 billion in April, then another US$6.
Musk has pledged to turn around the social-media platform, but he faces several challenges — some of his own making. He blasted Apple Inc. and threatened to withhold Twitter from its App Store at a time when other companies were already pulling their advertising from the site. As Tesla’s stock price slides, Musk’s stake in Space Exploration Technologies Corp. has become an increasingly important part of his fortune. It’s worth US$47 billion, based on the June funding round that valued the private company at about US$125 billion.
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