Wed. Jun 7th, 2023

Ever since billionaire Elon Musk bought the short-message service Twitter, he’s also been under pressure. Now it is affecting the wealth and property of Elon Musk and he is no longer the richest person in the world.

Elon Musk's treasury has lost $100 billion
Elon Musk’s treasury has lost $100 billion


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According to analysts, investors’ distrust of Tesla boss Elon Musk is waning and this is also affecting Tesla’s shares. Shares of Tesla fell more than five percent on Tuesday, bringing the company to around $158 a share, its lowest level in two years.

Surprisingly, inflation in the US has come down and the US technology index ‘Nasdaq’ has also gone up yesterday, but it has had a negative impact on Tesla shares. At the beginning of this year, the price of one share of Tesla was about 400 dollars.

Investors fear Musk’s tweets will hurt the Tesla brand, says Dennis Dick, an analyst at broker Triple D Trading. One stock marketer commented, “Many are steering clear of Tesla because they don’t want to endorse the CEO’s message.” According to Robert Pavlik, a portfolio manager at wealth management company Dakota Wealth, Tesla stock has been under pressure since Musk bought the Twitter company in a ‘sloppy’ fashion.

Elon Musk’s Decline in Wealth

This has now also affected Musk’s personal money hoard. Along with the maker of electric cars and space rockets, Elon Musk, the head of Twitter, has come second in the ranking of the world’s richest people. Elon Musk was ranked first last year by both Bloomberg Billionaires and Forbes and has now moved to second place.

The new richest person in the world

France’s Bernhard Arnaud is now on the first place in the ranking of the richest people in the world. Musk’s personal wealth has fallen by $100 billion since January, leaving him with about $163.6 billion, according to Bloomberg estimates. On the other hand, Berenhar Arno’s wealth is estimated to be around 170.8 billion dollars. Bernhard Arnaud, 73, is the chairman of the French luxury empire ‘LVMH’, which includes fashion icons such as ‘Dior’ and ‘Louis Vuitton’ and champagne brands such as ‘Moite Shadou’.

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