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Elon Musk no longer be world richest man

30256296 Elon Musk

Wed, 14 Dec 2022 Source: BBC

Elon Musk no longer be di world richest man afta one sharp drop for di value of im shares for electric car company Tesla dis year.

According to both Forbes and Bloomberg, Oga Musk don dey overtaken for di top spot by Bernard Arnault, wey be di chief executive of luxury goods group LVMH.

Oga Musk be chief executive and di largest shareholder for Tesla, wit one reported stake of about 14%.

E bin complete one $44bn takeover of social network Twitter for October.

According to Forbes, Oga Musk now worth about $178bn (£152bn).

Meanwhile, Bernard Arnault get value of $188bn.

Oga Musk Twitter deal bin only complete afta months of legal tok tok, and some pipo don cite di distraction of di takeover as one of di factors behind Tesla share price fall.

Afta building stake for Twitter for di start of di year, Oga Musk make im $44bn offer for April, although many pipo bin reason say di offer dey too high.

For July, e bin pull out of di deal, e cite concerns over di number of fake accounts wey dey di platform.

Las-las Twitter executives bin take legal action to hold Oga Musk to im offer.

Dan Ives from investment firm Wedbush Securities say di "circus" wey surround di Twitter deal don weigh on Tesla share price.

"Musk don go from one superhero to Tesla stock, to one villain for di eyes of di Street, as di overhang dey grow wit each tweet," e  bin tell BBC.

"Di Twitter circus show don hurt di Musk brand and im major overhang for Tesla stock. Musk be Tesla and Tesla be Musk."

Oga Musk bin sell billions of dollars worth of Tesla shares to help fund im purchase, wey help to push di shares down.

Investors also dey worry say di demand for di company electric cars fit slow, as di economy dey weak, higher borrowing costs dey discourage buyers and oda companies boost dia electric vehicle offerings.

Tesla don also dey hit by recalls, including goment probe of crashes and im autopilot feature.

Source: BBC