As the richest man in the world, Elon Musk has recaptured that position.
The CEOs of Tesla and Twitter were ousted from their positions in December of last year by Bernard Arnault, the head of French luxury retailer Louis Vuitton. Throughout a two-month period, Mr. Musk occupied the second position. Mr. Musk has returned to the top of the Billionaires Index due to a rise in Tesla stock.
According to the estimates, Mr. Musk’s net worth was greater than Mr. Arnault’s $185.3 billion fortune as of Monday after the markets closed.
The CEO of Tesla, however, had one of the greatest losses in wealth in recent memory between November and December of last year, when his net worth dropped by almost $200 billion.
The unexpected drop was brought on by the sharp decline in the value of Tesla stock at the time. Because to investor concerns over the implications of Covid-19 in China and Mr. Musk’s contentious takeover of Twitter, the business had its worst year ever on Wall Street last year, losing $700 billion.
While all of this is going on, the CEO of Twitter is cutting expenses at his newly acquired business, which he paid $44 billion for. In November, he claimed that the microblogging platform was losing around $4 million daily.
Twitter recently announced its eighth round of layoffs, and Mr Musk’s administration fired more than 50 people. This comes after the billionaire cut over 3,700 jobs at Twitter, accounting for half of the company’s workforce, in an effort to cut costs following his acquisition.
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