Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a US$44 billion bet on the social media firm.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.
Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com founder Jeff Bezos.
Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.
Musk's net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla's shares on worries the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta
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As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
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The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
An Ontario MPP was asked again to leave the Ontario legislature on Monday for wearing a keffiyeh, a garment that was banned by the Speaker last month due to its political symbolism.
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President Joe Biden again urged Israeli Prime Minister Benjamin Netanyahu against launching an offensive in the southern Gaza city of Rafah as Israel on Monday appeared to be moving closer to an offensive to root out Hamas militants.
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Polish prosecutors have discontinued an investigation into human skeletons found at a site where German dictator Adolf Hitler and other Nazi leaders spent time during the Second World War because the advanced state of decay made it impossible to determine the cause of death, a spokesman said Monday.
Millions of people in the central United States are bracing for powerful storms Monday including long-track tornadoes, hurricane-force winds and baseball-sized hail, forecasters said.
Two Australians and an American were doing what they loved on the stunning, largely isolated stretch of Baja California's Pacific coast. Their last images on social media showed them sitting and gazing at the waves, contemplating the breaks.
Colorado lawmakers passed a sweeping bill Monday to overhaul the state's lax oversight over funeral homes after a series of horrific incidents, including sold body parts, fake ashes and the discovery of 190 decaying bodies.
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Fire broke out in the 800 block of Victoria Avenue between Elliott Street and Erie Street.
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London Drugs stores are unable to fill new prescriptions, the chain announced Monday, providing an update on its reopening following a cybersecurity incident.
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Ontario Provincial Police, in partnership with the Treaty Three Police Service, have charged a suspect with second degree murder following a homicide in a remote Indigenous northwestern Ontario community.
A homeless man in Newfoundland says he refuses to sleep in a shelter after workers wearing balaclavas and haz-mat suits tore down a tent encampment in St. John's on Friday.
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Richard Martin is spending this year's fishing season on land after he says a Royal Newfoundland Constabulary officer broke his left leg in three places during a protest last month that shut down the provincial legislature.
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