Posted on 12/13/2022 10:50:27 AM PST by SeekAndFind
Tesla CEO Elon Musk is no longer the richest person in the world. He ceded that title to LVMH chairman and CEO Bernard Arnault at the close on Monday, according to Forbes.
Tesla shares closed down about 6.3% for the day, and have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk’s $44 billion Twitter acquisition.
Musk’s wealth, mostly tied to Tesla stock, was propelled by a meteoric rise in the carmaker’s share price, which rocketed more than 1,000% in two years.
Arnault, through holding vehicles and family trusts, owns a little over 60% of LVMH’s voting share class, according to SEC filings. Arnault is worth $186.2 billion, according to Forbes.
According to FactSet data, Musk presently owns 14.11% of Tesla’s outstanding shares, with a market value of $530 billion. Musk also owns more than 40% of SpaceX shares, adding billions on paper to his net worth, based on a $125 billion private market valuation from June 2022.
In a down year for stocks, LVMH shares have dropped just 1.5% in 2022. LVMH is based in Paris and is listed on Euronext Paris.
(Excerpt) Read more at cnbc.com ...
Looks like he’s gonna save a ton in taxes. 🤣
SEE THIS PAGE FOR A REAL TIME MONITORING OF BILLIONAIRE WINNERS AND LOSERS:
https://www.forbes.com/real-time-billionaires/#1927e3573d78
You might be the richest today and the not-so-richest in a few hours. But then, you could return to be the richest again...
At Elon Musk’s peak, he was worth close to $250 Billion.
Today, because of the steep drop in the stock market, Musk is worth a mere $178 Billion.
See here:
https://www.forbes.com/real-time-billionaires/#1927e3573d78
Poor kid, there’s a soup kitchen downtown if he needs it.
LVMH is the Louis Vuitton luxury goods conglomerate.
RE: LVMH is the Louis Vuitton luxury goods conglomerate.
In Asia, I saw a lot of these “luxury” LVMH bags being sold on the streets. :)
wealth based on stock holdings is sort of baloney anyway. If Musk or Bezos tried to unload all their stock they would cause a run and drive the price way down so they wouldn’t get the full value anyway. If it goes up or down by $50B on any given month it’s not biggie because the nature of it requires them to be in it for the long haul.
Risking his life, fortune and sacred honor here folks.
Elon loses hypothetical money
Around here, Louis Vuitton is sold by black guys out of the trunk of a Lincoln......................
With inflation the way it is; he will likely have to eat Ramen soon.
In Singapore I remember "Rolex" watches selling for a few dollars.
It’s fine. He just got a tweet from a Nigerian prince who is going to split his $100 billion inheritance with him.
What is LVMH?
RE: Poor kid, there’s a soup kitchen downtown if he needs it.
You know, for a billionaire Musk does not live like one. His 3 bedroom house located near his SpaceX facility looks absolutely ordinary.
Yep. It's ridiculous. Earlier in the year, Musk paid some $11 billion in taxes to the government, getting the money by selling some Tesla stock. What a lot of people didn't realize, is that he exercised options and bought back shares right after that. He sold high (in the thousands of dollars a share), for stock that cost him cheap (a fraction of the value due to his options). Paid the taxes. Then bought back shares by exercising more options. He ended up holding more shares than before he paid the $11 billion in taxes.
I'm buying more shares of Tesla - buy on the dip and the dip is real low now, a bargain. Because of cost averaging, it could dip more and I'm still ahead based on previous purchases. The fundamentals of the company are much stronger than other companies.
i’m pretty sure he’s good wi it...
I am waiting on the Starlink IPO of his that he said maybe in 2025 or 2026. That is worldwide internet and phone and tv and movie service.
Didn’t Musk make Starlink available to Ukraine?
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