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Elon Musk is no longer the world's richest person

Another brutal day for Tesla stock sees Musk lose $7.4bn as Bernard Arnault becomes the world's wealthiest man

The National

December 13, 2022

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Elon Musk has lost his crown as the world's richest man amid a broad collapse in Tesla's value and as he wades deeper into America's culture wars, with each controversial tweet seeming to further erode his electric car company's brand.

Forbes, which runs a real-time tally of the world's richest people, said Mr Musk was worth $181.3 billion when the markets closed on Monday, a drop of $7.4 billion in one day.

He was supplanted in top spot by Bernard Arnault, whose family own the world's leading luxury group, LVMH. Forbes valued Mr Arnault's fortune at $186.2 billion.

At number three is India's Gautam Adani, chairman of the Adani Group. Amazon founder Jeff Bezos and investor Warren Buffett round out the list's top five.

Mr Musk's wealth has plummeted this year, driven in part by a drop in tech stocks but also largely by Tesla investors dumping shares as the company's co-founder turns his attention to running Twitter.

World's richest people - In pictures

Bernard Arnault, 73, is chairman and chief executive of LVMH, which owns 70 fashion and beauty brands including Louis Vuitton. He’s worth $186.2bn. AFP
Bernard Arnault, 73, is chairman and chief executive of LVMH, which owns 70 fashion and beauty brands including Louis Vuitton. He’s worth $186.2bn. AFP
Elon Musk, 51, chairman of Tesla, SpaceX and now the owner of Twitter. He's worth $181.3bn. Reuters
Elon Musk, 51, chairman of Tesla, SpaceX and now the owner of Twitter. He's worth $181.3bn. Reuters
Gautam Adani, 60, is chairman of India’s Adani Group, which controls ports, airports, electricity generation and property, among other ventures. He’s worth $134bn. Reuters
Gautam Adani, 60, is chairman of India’s Adani Group, which controls ports, airports, electricity generation and property, among other ventures. He’s worth $134bn. Reuters
Jeff Bezos, 58, is the founder of Amazon shopping website and is worth $113.8bn. AFP
Jeff Bezos, 58, is the founder of Amazon shopping website and is worth $113.8bn. AFP
Warren Buffett, 92, is a titan of the financial world, chief executive of Berkshire Hathaway and worth $108.1bn. AP
Warren Buffett, 92, is a titan of the financial world, chief executive of Berkshire Hathaway and worth $108.1bn. AP
Bill Gates, 67, founded Microsoft and the Bill & Melinda Gates Foundation. He’s now worth $106.4bn. Ruel Pableo for The National
Bill Gates, 67, founded Microsoft and the Bill & Melinda Gates Foundation. He’s now worth $106.4bn. Ruel Pableo for The National
Larry Ellison, 78, is founder and chief technology officer of software company Oracle. He’s worth $103.9bn. AFP
Larry Ellison, 78, is founder and chief technology officer of software company Oracle. He’s worth $103.9bn. AFP
Mukesh Ambani, 65, is chairman of India’s Reliance Industries and is worth $92.8bn. Bloomberg
Mukesh Ambani, 65, is chairman of India’s Reliance Industries and is worth $92.8bn. Bloomberg
Carlos Slim, 82, is Mexico’s richest man and his family owns America Movil, the largest telecoms company in Latin America. He is worth $81.8bn. AP
Carlos Slim, 82, is Mexico’s richest man and his family owns America Movil, the largest telecoms company in Latin America. He is worth $81.8bn. AP
Steve Ballmer, 66, former chief executive of Microsoft and owner of the NBA Los Angeles Clippers, is worth $81.7bn. AP
Steve Ballmer, 66, former chief executive of Microsoft and owner of the NBA Los Angeles Clippers, is worth $81.7bn. AP

He bought the social media platform for $44 billion in October, partly through the sale of his own Tesla shares.

He immediately fired more than half of the staff and quickly reinstated several banned accounts in the name of free speech, including those of former president Donald Trump and Congresswoman Marjorie Taylor Greene.

Mr Musk's net worth has plunged more than $100 billion this year and looks set to collapse further.

Instead of moving to reassure investors that he is still behind the wheel at Tesla, he has continued to focus on perceived grievances against "woke" political discourse in the US and beyond.

Over the weekend, Mr Musk tweeted: “My pronouns are Prosecute/Fauci", ridiculing people who use gender-neutral pronouns and attacking Dr Anthony Fauci, the leading US expert on infectious diseases.

His public condemnation of Dr Fauci is “dangerous” and “disgusting” and should be called out, White House press secretary Karine Jean-Pierre said on Monday.

Mr Musk's continual attack on a large part of his own customer base, particularly environmentally conscious liberals on the East and West coasts of the US, has eroded the perception of the Tesla brand.

He was booed loudly at a comedy event with Dave Chappelle over the weekend.

It is not all bad news for investors. Those who have shorted Tesla have seen bumper gains this year. The electric car maker lost 6.27 per cent of its value on Monday alone, delivering handsome returns to them.

Tesla field engineers heat-test vehicles in Dubai - in pictures

Tesla field quality engineers have been in Dubai at the hottest time of the year, analysing the electric cars for their durability and performance in extreme temperatures. All photos: Tesla
Tesla field quality engineers have been in Dubai at the hottest time of the year, analysing the electric cars for their durability and performance in extreme temperatures. All photos: Tesla
Tesla posted about the tests on Instagram, saying the cars had experienced temperatures greater than 50°C.
Tesla posted about the tests on Instagram, saying the cars had experienced temperatures greater than 50°C.
The line-up of cars tested includes the Model Y, the refreshed Model X and the Model 3.
The line-up of cars tested includes the Model Y, the refreshed Model X and the Model 3.
The engineers took on sand, mountain roads and gravel-strewn tracks.
The engineers took on sand, mountain roads and gravel-strewn tracks.
Testing a car for durability requires it to be pushed to the limit.
Testing a car for durability requires it to be pushed to the limit.
The company does its cold weather testing in Alaska, the US.
The company does its cold weather testing in Alaska, the US.
The engineers may also have looked at the performance of the new heat pump, which was introduced into the Model Y last year.
The engineers may also have looked at the performance of the new heat pump, which was introduced into the Model Y last year.
Hitting the dunes.
Hitting the dunes.
Tesla field quality engineers will study the data to help improve the performance of the electric vehicles.
Tesla field quality engineers will study the data to help improve the performance of the electric vehicles.
Kill%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A

Royal Birkdale Golf Course

Location: Southport, Merseyside, England

Established: 1889

Type: Private

Total holes: 18

MATCH INFO

Karnatake Tuskers 114-1 (10 ovs)

Charles 57, Amla 47

Bangla Tigers 117-5 (8.5 ovs)

Fletcher 40, Moores 28 no, Lamichhane 2-9

Bangla Tiger win by five wickets

Company%C2%A0profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A
GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

On Women's Day
On Women's Day
Omar Yabroudi's factfile

Born: October 20, 1989, Sharjah

Education: Bachelor of Science and Football, Liverpool John Moores University

2010: Accrington Stanley FC, internship

2010-2012: Crystal Palace, performance analyst with U-18 academy

2012-2015: Barnet FC, first-team performance analyst/head of recruitment

2015-2017: Nottingham Forest, head of recruitment

2018-present: Crystal Palace, player recruitment manager

 

 

 

 

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

While you're here
While you're here
German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

The%20team
%3Cp%3E%0DFashion%20director%3A%20Sarah%20Maisey%0D%3Cbr%3EPhotographer%3A%20Greg%20Adamski%0D%3Cbr%3EHair%20and%20make-up%3A%20Ania%20Poniatowska%0D%3Cbr%3EModels%3A%20Nyajouk%20and%20Kristine%20at%20MMG%2C%20and%20Mitchell%0D%3Cbr%3EStylist%E2%80%99s%20assistants%3A%20Nihala%20Naval%20and%20Sneha%20Maria%20Siby%0D%3Cbr%3EVideographer%3A%20Nilanjana%20Gupta%3C%2Fp%3E%0A
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Killing of Qassem Suleimani
Updated: December 13, 2022, 2:28 PM`
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