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Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, according to the WGC report
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Elon Musk briefly loses world's richest person title to Louis Vuitton's Arnault: Report
Tesla has lost nearly half its market value, and the SpaceX CEO's net worth has dropped by about $70 billion since he bid for Twitter in April
Photo: AFP
Twitter owner and Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stakes in the electric-car maker, and a $44 billion bet on the social media firm.
Bernard Arnault — the chief executive of luxury brand Louis Vuitton's parent company LVMH — and his family briefly took the title as the world's richest, but were back at No 2, with a personal wealth of $185.3 billion, according to Forbes.
Photo: Forbes Real Time Billionaires List
Musk — who has held the top spot on the Forbes list since September 2021 — has a net worth of $185.7 billion. He took over the title from Amazon.com founder Jeff Bezos.
Tesla shares — which have lost more than 47 per cent in value since Musk made his offer to buy Twitter earlier this year — were down 2.7 per cent.
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Musk's net worth dropped below $200 billion earlier on November 8 as investors dumped Tesla's shares on worries that the top executive and largest shareholder of the world's most valuable electric-vehicle maker was more preoccupied with Twitter.
Tesla has lost nearly half its market value, and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. He closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces for various groundbreaking purposes.
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