Forbes magazine said that billionaire Elon Musk, owner of Twitter and Tesla, lost the title of richest man in the world to French billionaire Bernard Arnault, owner of luxury goods brand Louis Vuitton, on Wednesday.
He added that Musk lost the title, after he incurred heavy debt to buy the big company social media and sell the company’s shares auto electricity to finance the $44 billion Twitter deal.
American billionaire Elon Musk has sold shares in Tesla, the maker of auto electric companies, for about $4 billion, according to a disclosure to the U.S. stock exchange on Tuesday, more than a week after it acquired Twitter in a deal worth $44 billion.
U.S. Securities and Exchange Commission filings showed that Elon Musk, who funded much of the Twitter deal by selling shares in Tesla, sold 19.5 million shares of the company for about $3.95 billion.
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