Bloomberg Billionaires Index Musk has overtaken Bernard Arnault, chief executive of LVMH, owner of several luxury brands, with a net worth of around $182 billion, according to Reuters. Bernard became the world’s richest person last year by beating Musk after a steep fall in Tesla’s share price. Tesla’s share price was at $108.10 at the beginning of this year. It closed at $207.63 on Monday. Musk bought Twitter last year for about $44 billion after some controversy. Since then he had to face difficulties. He had taken some steps to reduce the expenses of the company. These included laying off a large number of Twitter workers. About two years ago, he acquired the title of the world’s richest person by acquiring more wealth than Jeff Bezos, the founder of e-commerce and tech company Amazon.
Data from an advertising research firm shows that in December Twitter But the spending on advertising was reduced by 71 percent. Since Musk’s takeover of Twitter, big companies have reduced advertisements on this social media platform. Twitter’s revenue has come down and Musk is taking measures to reduce the company’s expenses. Recently, Twitter asked the staff of its headquarters in Asia Pacific’s Singapore to vacate the building.
Twitter was dragged to court in December for non-payment of rent for its headquarters building in San Francisco, US. Twitter owes $1,36,250 in rent. Columbia Reit, the owner of this office, had said that it had given notice to Twitter on December 16 that it would default on its lease if the rent was not paid. In a complaint filed with the court, Columbia Reit claimed that Twitter did not comply with the terms of the agreement. Apart from this, Twitter was also sued for not paying for two charter flights.
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