Electric car maker Tesla and head of micro-blogging site Twitter, Elon Musk has once again become the richest person in the world. Musk’s total assets are $ 187.1 billion.
Bloomberg Billionaires Index According to Reuters, Elon Musk has overtaken Bernard Arnault, the chief executive of LVMH, which owns several luxury brands, with a net worth of around $182 billion. Last year, Bernard became the world’s richest person by surpassing Musk after Tesla’s share price experienced a sharp decline. At the beginning of this year, Tesla’s share price was at $108.10. However, it closed at $207.63 on Monday, contributing to Musk’s rise in net worth.
Musk purchased Twitter last year for approximately $44 billion amidst some controversy. Since then, he has faced difficulties and taken steps to reduce the company’s expenses, including laying off a significant number of Twitter workers. Two years ago, he acquired the title of the world’s richest person by surpassing Jeff Bezos, the founder of Amazon.
According to data from an advertising research firm, Twitter’s spending on advertising was reduced by 71 percent in December. Big companies have reduced advertisements on Twitter since Musk took over the platform, and Twitter’s revenue has subsequently decreased. Musk is taking measures to reduce the company’s expenses, such as asking staff at its headquarters in Singapore to vacate the building.
In December, Twitter was dragged to court for non-payment of rent for its headquarters building in San Francisco. Twitter owes $136,250 in rent, and Columbia Reit, the owner of the office, stated that it had given notice to Twitter on December 16th that it would default on its lease if the rent was not paid. In a complaint filed with the court, Columbia Reit claimed that Twitter did not comply with the terms of the agreement. Additionally, Twitter was sued for not paying for two charter flights.