Elon Musk Briefly Loses Title as World’s Richest Person to LVMH's Arnault  

Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, US, May 2, 2022. (Reuters)
Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, US, May 2, 2022. (Reuters)
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Elon Musk Briefly Loses Title as World’s Richest Person to LVMH's Arnault  

Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, US, May 2, 2022. (Reuters)
Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, US, May 2, 2022. (Reuters)

Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm. 

Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes. 

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com founder Jeff Bezos. 

Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%. 

Musk's net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla's shares on worries the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter. 

Tesla has lost nearly half its market value and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment. 

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers. 



Chinese Tea Hub Branches into Coffee as Tastes Change

A worker raking coffee beans during the drying process at the Xiaowazi, or Little Hollow, coffee plantation in Pu'er - AFP
A worker raking coffee beans during the drying process at the Xiaowazi, or Little Hollow, coffee plantation in Pu'er - AFP
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Chinese Tea Hub Branches into Coffee as Tastes Change

A worker raking coffee beans during the drying process at the Xiaowazi, or Little Hollow, coffee plantation in Pu'er - AFP
A worker raking coffee beans during the drying process at the Xiaowazi, or Little Hollow, coffee plantation in Pu'er - AFP

At a mountainside cafe in southwestern China, Liao Shihao brews handfuls of locally grown beans into steaming cups of coffee, a modern twist on the region's traditional drink.

For centuries, Pu'er in Yunnan province has given its name to a type of richly fermented tea -- sometimes styled "pu-erh" -- famous across East Asia and beyond.

But as younger Chinese cultivate a taste for punchy espressos, frothy lattes and flat whites, growers are increasingly branching out into tea's historic rival.

"People are coming to try our hand-drip coffee... and more fully experience the flavours it brings," Liao, 25, told AFP.
"In the past, they mostly went for commercialised coffee, and wouldn't dabble in the artisanal varieties," he said.

Liao´s family has run the Xiaowazi, or Little Hollow, coffee plantation for three generations.

Nestled in a shady valley, spindly coffee trees line its steep hillsides, their cherry-like fruit drying on wooden pallets outside.

When AFP visited this month, clusters of tourists sipped boutique brews in the airy cafe overlooking its verdant slopes.

"It's very good," said Cai Shuwen, 21, as he perched on a bar stool lifting sample after sample to his lips.

"Even though some beans are more astringent than I imagined, others have exceeded my expectations."

- Brewing success -

Every year, Pu'er's plantations sell tens of thousands of tons of coffee to major Chinese cities, according to government data.

In metropolises such as Beijing and Shanghai, a thriving cafe scene has emerged in recent years, driven by people aged between 20 and 40.

To Liao, a trained roaster and barista, coffee from his home region possesses "a creamy flavour with a silky, viscous mouthfeel".

Modern commercial plantations only sprang up in Pu'er in the 1980s, and the area is still better known for its centuries-old tea trade.

Liao's grandfather, Liao Xiugui, said "nobody knew anything about coffee" when he arrived in Pu'er a few decades ago.

At the time, the older man was one of very few people in China who had studied coffee cultivation.

But the region's relatively high altitude and temperate climate were well-suited to the unfamiliar crop, the now 83-year-old told AFP.

"The quality of the coffee we plant here is strong but not too bitter, floral but not too heady, and slightly fruity," he added.

Free from artificial pesticides and interspersed with other species for biodiversity, Little Hollow yields about 500 tons of raw coffee fruit per year.

Liao Xiugui himself drinks two or three cups a day, and credits the caffeinated beverage for keeping him spry in his advanced years.

"Drinking coffee can make you younger and healthier... and prevent ageing," he smiled.

"Also, everyone is tired at work these days... and they want to give their brains a boost."

- Richer pickings -

China's coffee output has risen dramatically in recent years, though it still lags far behind traditional powerhouses such as Brazil, Vietnam and Colombia.

Yunnan, near three borders with Southeast Asian nations, accounts for virtually all of China's coffee production, much of it concentrated in Pu'er.

On a visit to Yunnan last month, President Xi Jinping said the province's coffee "represents China", according to state media.

Keen to further expand the sector, officials have rolled out policies to improve production, attract investment and boost exports, according to government statements.

They have also merged coffee production with tourism, dovetailing with a central government push to increase domestic consumption.

Longtime farmer Yu Dun, 51, said she had opened new income streams with plantation tours, homestays and a restaurant fusing coffee with the cuisine of her native Dai ethnicity.

Her prospects were bright, she said, adding that she also earned "10 times" more revenue from her beans since learning to process and roast them herself.

"We used to say only rich people could drink coffee, but that's all changed now," she said.