عربي English Türkçe اردو فارسى
Logo
Latest News
Varieties

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)
TT
20
TT

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. 

Most Viewed

 
Varieties

Firefighters Battle a Wildfire Burning Out of Control on the Greek Island of Chios

A firefighting helicopter during firefighting operations on Chios Island, Greece, 24 June 2025. EPA/KOSTAS KOURGIAS
A firefighting helicopter during firefighting operations on Chios Island, Greece, 24 June 2025. EPA/KOSTAS KOURGIAS
TT
20
TT

Firefighters Battle a Wildfire Burning Out of Control on the Greek Island of Chios

A firefighting helicopter during firefighting operations on Chios Island, Greece, 24 June 2025. EPA/KOSTAS KOURGIAS
A firefighting helicopter during firefighting operations on Chios Island, Greece, 24 June 2025. EPA/KOSTAS KOURGIAS

Hundreds of firefighters backed up by aircraft were battling a wildfire burning out of control for the third day on the eastern Aegean island of Chios Tuesday, with authorities issuing multiple evacuation orders.

Towering walls of flames tore through forest and agricultural land on the island, where authorities have declared a state of emergency and have sent firefighting reinforcements from Athens, the northern city of Thessaloniki and the nearby island of Lesbos, said the Associated Press.

By Tuesday morning, the fire department said 444 firefighters with 85 vehicles were tackling the blaze on scattered fronts. Eleven helicopters and two water-dropping planes were providing air support.

Emergency services have issued evacuation orders for villages and settlements in the area since Sunday, when fires broke out near the island’s main town. The fire department has sent an arson investigation team to Chios to examine the cause of the blaze.

“We are faced with simultaneous fires in multiple, geographically unconnected parts of the island — a pattern that cannot be considered coincidental,” Climate Crisis and Civil Protection Minister Giannis Kefalogiannis said Monday from Chios. Authorities, he said, were “very seriously examining the possibility of an organized criminal act, in other words arson.”

The minister said police forces on the island had been reinforced, while military patrols had been doubled.

“Whoever thinks that they can play with the lives of citizens and cause chaos with premeditated actions will be led to court,” Kefalogiannis said. “Arson is a serious crime and will be dealt with as such.”

Wildfires are frequent in Greece during its hot, dry summers. In 2018, a massive fire swept through the seaside town of Mati, east of Athens, trapping people in their homes and on roads as they tried to flee. More than 100 died, including some who drowned trying to swim away from the flames.