Elon Musk Reclaims The Title Of World’s Richest Individual

Elon Musk’s internet price fell by over $200 billion between November and December.

Elon Musk has reclaimed his title because the world’s richest particular person, in line with Bloomberg Billionaires Index. 

In December final 12 months, Bernard Arnault, CEO of the French luxurious model Louis Vuitton, dethroned the Tesla and Twitter CEO from the highest rank. Mr Musk was on the second spot for greater than two months. Based on Bloomberg, a surge in Tesla inventory has despatched Mr Musk again to the highest of the Billionaires Index.

Based on the estimates, as of Monday, after the markets closed, Mr Musk’s internet price was roughly $187.1 billion, surpassing Mr Arnault’s $185.3 billion fortune.

Nonetheless, Tesla chief’s internet price fell by over $200 billion between November and December final 12 months, which was considered one of many largest losses of wealth in latest historical past.

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The fast lower within the worth of Tesla shares on the time brought on the sudden crash. The corporate had its worst 12 months ever on Wall Road final 12 months, shedding $700 billion due to investor apprehensions concerning the consequences of Covid-19 in China and Mr Musk’s contentious takeover of Twitter.

Amid all this, the Twitter CEO is making cost cuts at his newly acquired firm for which he spent $44 billion. He had tweeted in November that the microblogging website was shedding practically $4 million a day. 

Lately, Twitter introduced its eighth spherical of layoffs and greater than 50 individuals had been fired by Mr Musk-led administration. This comes after the billionaire lower greater than 3,700 jobs at Twitter or half of the corporate’s workforce, a transfer to drive down prices following his acquisition.