Elon Musk loses the ‘Richest Man in the World’ title

Noor Fatima 09:51 PM | 15 Dec, 2022
Elon Musk loses the ‘Richest Man in the World’ title

In a rather shocking course of events, Elon Musk is no longer the richest man in the world.

After a substantial decline in the value of his shares in Tesla, the 51-year-old CEO of SpaceX and Twitter is no longer on top of the world in monetary terms.

For those unversed, Musk held the top spot since September 2021.

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

According to recent updates by Forbes and Bloomberg, Bernard Arnault, the head of luxury goods company LVMH, has surpassed Elon Musk for the top position.

Arnault, 73, was on top of Forbes' Real-Time Billionaires List with a net worth of $191.2 billion, while Musk ranked second with $185.1 billion.

Arnault's investment in Christian Dior SE — the holding company that owns 41.2% of LVMH — is where the majority of his fortune comes from. He also owns shares in Christian Dior SE and 6.2% of LVMH through Groupe Familial Arnault, his family's holding firm.

Apart from being the CEO, Musk is Tesla's top shareholder, with an estimated 14% stake. In October, he finished a $44 billion takeover of Twitter after which reports of Tesla board members being worried circulated. Musk reportedly even hired engineers from Tesla to work on Twitter, aggravating the shareholders' worry even more.

The declining demand for the company's electric cars in case of economic recession, increased financing prices discouraging consumers, recalls and government inquiries into crashes and its autopilot system pose as potential threats to Tesla.

Also, after investing in Twitter, Musk made his $44 billion offer which many people thought was excessively costly, and although Musk backed out of the agreement in July, Twitter officials filed a lawsuit to enforce the billionaire's offer. This led to the now Twitter CEO selling shares of Tesla for billions of dollars.

According to Wedbush Securities investor Dan Ives, "Musk has gone from a superhero to Tesla's stock, to a villain in the eyes of the Street, as the overhang grows with each tweet," he told the BBC.

"The Twitter circus show has damaged Musk's reputation and is a significant risk to Tesla's shares. Tesla and Musk are one and the same."

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Noor Fatima

The writer is a staff member.


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 30, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 30, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.6 286.65
Euro EUR 305.5 308.5
UK Pound Sterling GBP 348 351.5
U.A.E Dirham AED 77 77.7
Saudi Riyal SAR 75.5 76.3
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.99 761.99
Canadian Dollar CAD 206 208.2
China Yuan CNY 41.25 41.65
Danish Krone DKK 41.26 41.51
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 925.67 934.67
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 175.57 177.58
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 736.34 744.35
Qatari Riyal ‎QAR 77.92 78.62
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.25 310.75
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – 30 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 207,700 on Thursday.The price of 10 grams of 24k gold was recorded at Rs178,070.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 207,700 PKR 2,470
Karachi PKR 207,700 PKR 2,470
Islamabad PKR 207,700 PKR 2,470
Peshawar PKR 207,700 PKR 2,470
Quetta PKR 207,700 PKR 2,470
Sialkot PKR 207,700 PKR 2,470
Attock PKR 207,700 PKR 2,470
Gujranwala PKR 207,700 PKR 2,470
Jehlum PKR 207,700 PKR 2,470
Multan PKR 207,700 PKR 2,470
Bahawalpur PKR 207,700 PKR 2,470
Gujrat PKR 207,700 PKR 2,470
Nawabshah PKR 207,700 PKR 2,470
Chakwal PKR 207,700 PKR 2,470
Hyderabad PKR 207,700 PKR 2,470
Nowshehra PKR 207,700 PKR 2,470
Sargodha PKR 207,700 PKR 2,470
Faisalabad PKR 207,700 PKR 2,470


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