Financial Associated Press, Shanghai, December 13th (Editor Huang Junzhi) Affected by the sharp drop in Tesla’s stock price, on Monday (12th) local time, Twitter (Twitter) owner and Tesla (Tesla) boss Elon Musk (Elon Musk) lost the title of world's richest man, replaced by Bernard Arnault, chairman of luxury goods giant LVMH.
As of the close of the US stock market on Monday , Tesla’s stock price fell 6.27% to $167.82. So far this year, the stock has fallen more than 58%, and its market value has fallen by more than half, partly because after Musk bought Twitter for $44 billion, investors worried that he would be more focused on Twitter and have no time to manage Twitter. Tesla, quickly sold Tesla stock .
In fact, since September 2021, Musk surpassed Amazon founder Bezos to become the world's richest man, and has been occupying the top spot on the Forbes rich list.
Tesla stock is its main source of wealth, with shares of the electric vehicle maker surging more than 1,000% at one point in two years. However, also because of the plunge in Tesla’s stock price this year, Musk’s wealth has evaporated by more than 100 billion U.S. dollars. On the other hand, documents from the US Securities and Exchange Commission (SEC) show that Arnault owns more than 60% of the voting shares of LVMH through holding companies and family trust funds. LVMH shares are down just 1.5 percent this year. According to Forbes, Arnault had a net worth of $186.2 billion as of Monday's close, compared with Musk's net worth of $181.3 billion.
Musk currently owns 14.11% of Tesla's outstanding shares, which had a market capitalization of about $530 billion as of Monday's close, according to FactSet. In addition, Musk also owns more than 40% of the shares of SpaceX.
This article comes from the Financial Association
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