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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)
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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. 

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Varieties

Russian Governor Shows off New Stalin Statue to 'Honor' History

The death mask of Soviet leader Joseph Stalin is exhibited at a museum in his hometown of Gori, Georgia March 1, 2023. REUTERS/Irakli Gedenidze/File Photo
The death mask of Soviet leader Joseph Stalin is exhibited at a museum in his hometown of Gori, Georgia March 1, 2023. REUTERS/Irakli Gedenidze/File Photo
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Russian Governor Shows off New Stalin Statue to 'Honor' History

The death mask of Soviet leader Joseph Stalin is exhibited at a museum in his hometown of Gori, Georgia March 1, 2023. REUTERS/Irakli Gedenidze/File Photo
The death mask of Soviet leader Joseph Stalin is exhibited at a museum in his hometown of Gori, Georgia March 1, 2023. REUTERS/Irakli Gedenidze/File Photo

A new monument to Soviet-era leader Josef Stalin is set to be erected soon in a city in northwest Russia following what the regional governor there said were "appeals from the public".

Vologda Governor Georgy Filimonov published video on Friday showing workers putting the finishing touches to a life-sized statue of the Georgian-born ruler, who ruled the Soviet Union with an iron fist from 1924 until he died in 1953, Reuters reported.

Filimonov, who was appointed to his post last year by President Vladimir Putin, said the statue will be erected in the historic city of Vologda, which has a population of around 300,000 and lies roughly 275 miles (450 km) north of Moscow.

"This decision was triggered by appeals from the public to us," Filimonov wrote on his Telegram channel.

He said the statue would stand near a house where Stalin lived from 1911 to 1912 when exiled in the province for revolutionary activity.

Stalin oversaw rapid industrialisation and victory over Nazi Germany in World War Two but was also responsible for the deaths of millions in political purges, labour camps and famine, according to historians.

In his post, Filimonov seemed to anticipate push-back to the new statue.

"With all due understanding of the ambiguous interpretation of the role of (this) personality, we must recognize the great achievements, know the history of our country, (and) honor and be proud of it," he wrote.

Videos previously published by Filimonov demonstrate an affinity for Soviet leaders and photographs of secret police chiefs Lavrentiy Beria and Felix Dzerzhinsky hang on the walls of his office. He has dubbed a painting of himself shaking hands with Stalin, which hangs in his reception room, as "conceptual."

Filimonov also said on Friday that there were plans to install a monument to Ivan IV, a 16th-century Russian tsar under whom construction of Vologda's Kremlin began.

Popularly known as Ivan the Terrible, his reign was marked by violent purges of the Russian nobility and failed wars against Sweden and Poland.