Elon Musk Briefly Lost World's Richest Title When R3.1tn Net Worth Dropped Due to Dip in Tesla’s Share Price

• Controversial Telsa boss and Twitter CEO Elon Musk had a brief disappointment on Wednesday, 7 December
• The tech billionaire was unseated from the top of Forbes' world's wealthiest list for a couple of hours
• Musk's drop in net worth is attributed to a dramatic decline in Tesla's share price, which was affected by Musk's acquisition of Twitter

TEXAS - Yesterday, Wednesday, 7 December, the earth's leading billionaire, Elon Musk, was briefly stripped of the title of the world's richest person when Tesla's share price dropped dramatically, dipping into his R3.1 trillion ($184.7 billion) networth.

The Twitter owner and Tesla boss was overtaken by the CEO of Louis Vuitton's parent company LVMH, Bernard Arnault. Forbes reported that Arnault topped the world's wealthiest list with a net worth of R 3.18 trillion, and Musk struggled behind by R 3.4 billion.

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According to SABC News, Musk has been hailed as the world's richest man since September 2021, when he unseated Amazon.com founder Jeff Bezos from the top spot on the Forbes list.

Tesla's share price was partly affected by Musk's risky R756 billion acquisition of the social media platform Twitter. The share price dropped 47% in value, causing Musk's net worth to fall below R3.4 trillion in November as investors pulled out because of fears the Tesla boss was more preoccupied with the social media platform.

Though blowback from the Twitter deal took a huge chuck out of the billionaire's pocket, Musk remained the world's richest person until the LVMH CEO briefly overtook him. However, the Twitter bosses unseating was short-lived because, by Wednesday evening, Musk was firm atop Forbes world's wealthiest list.

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A couple of billion rands only separates Arnault and Musk's fortunes, so it is suspected that the two men will continue to trade places on Forbes' rankings for the world's wealthiest people.

Netizens react to Elon Musk briefly losing the converted title

Social media users worldwide weighed in on Musk's brief financial woes.

Below are some comments:

@KHDJBN laughed:

"He must be heartbroken, LOL."

@DezFTW added:

"Poor guy!"

@JerryJ26486026 commented:

"People should be trying to go down the billionaire list, not up it."

@Jagsgordon predicted:

"When Twitter goes public next year, he will surpass 2-3 combined together."

@ntsbfh quipped:

"But still holds the title of #WorldsBiggestTroll."

Kanye West astonishingly claims estranged friend Elon Musk is half Chinese: “First genetic hybrid”

Earlier, Briefly News reported that American rapper Kanye West has resurfaced on social media after he was suspended from Twitter for inciting violence following more anti-semitic messages.

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The rapper and presidential hopeful posted a new message on Instagram, alleging that Elon Musk was half-Chinese.

"Am I the only one who thinks Elon could be half-Chinese? Have you ever seen his pics as a child? Take a Chinese genius and mate them with a South African supermodel, and we have an Elon.

I say an Elon because they probably made 10 to 30.

Source: Briefly News