KUALA LUMPUR, Dec 14 — Nothing seems to be going right for billionaire entrepreneur Elon Musk.
Days after he was booed by the audience at a Dave Chappelle comedy show, the SpaceX, Tesla and Twitter CEO lost his richest person in the world title.
Quoting Forbes, CNBC reported that the 51-year-old lost the title to luxury goods company LVMH chairman and CEO Bernard Arnault.
According to the portal, Tesla shares closed down about 6.3 percent for the day, and have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk’s US$44 billion (RM194 billion) Twitter acquisition.
Musk’s wealth, mostly tied to Tesla stock, was propelled by a meteoric rise in the carmaker’s share price, which rocketed more than 1,000% in two years, noted the portal.
Meanwhile, Arnault, through holding vehicles and family trusts, owns a little over 60 percent of LVMH’s voting share class, according to SEC filings.
Arnault is said to be worth US$186.2 billion (RM820.9 billion), according to Forbes.
FactSet data showed Musk presently owns 14.11 percent of Tesla’s outstanding shares, with a market value of US$530 billion (RM2,336 billion).
Musk also owns more than 40 percent of SpaceX shares, adding billions on paper to his net worth, based on a US$125 billion (RM551 billion) private market valuation from June 2022.
