Dublin, Wednesday 31th October 2013: Pictured at the The Web Summit 2013, RDS. Photo by Dan Taylor/Heisenberg Media
Elon Musk has stopped being the world’s richest man after the value of Tesla shares dropped. The top spot was taken by Bernard Arnault, the chief executive of luxury goods group LVMH. According to Forbes, Musk is now at $178bn, while Benard Arnault is at $188bn. This change may have partially been caused by Elon Musk’s current takeover of Twitter, and the controversial changes he’s been making to the site. Another factor is the fact that investors believe the demand for electric cars might slow down as the economy weakens. Buyers may be becoming discouraged because of increased borrowing costs and other companies boosting more attractive offers.
