Elon Musk No Longer Richest Man in World, Replaced By This Businessman,,,
According to Forbes' Billionaires List, last week the net worth of Arnault and his family increased by $23.6 billion to reach $207.6 billion. Musk suffered a loss of more than $18 billion and his net worth dropped to $204.7 billion. However, Musk's position as the world's richest person remains intact in the Bloomberg Billionaires Index. According to this index, Musk's net worth is $199 billion. After this, the chief of Amazon, one of the big e-commerce companies, is with Jeff Bezos (about 184 billion dollars). Bernard Arnault is at third place in this list with a net worth of $183 billion.
Last week, there was a sharp decline in the company's share price after Musk's warning of weak sales this year. Due to this, Tesla's market value was reduced by approximately 80 billion dollars. The company's investors fear demand being weak and Tesla facing tough competition from Chinese automobile companies.
Musk had said that Tesla is preparing to launch a low-cost electric car. This electric car will be manufactured in the company's factory in Texas, USA in the second half of next year. However, along with this he had said that there may be difficulties in increasing its production because it will require modern technology. The EV industry has been struggling with slowing demand for more than a year. If Tesla cuts prices, it will increase pressure on startups in this segment and automobile companies like Ford. Musk believes that if trade restrictions are not imposed on Chinese automobile companies, they can become a threat to global automobile companies. Tesla is facing tough competition from China's BYD. BYD, funded by famous investor Warren Buffett, became the leading EV selling company by overtaking Tesla in the last quarter on the basis of its low-priced electric cars.
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Electric Vehicles, Networth, Tesla, Value, Market, Elon Musk, LVMH, Billionaire, Electric Car, Amazon, Prices