Elon Musk Can Lose World's Richest Person Title

Since Tesla's founder, Elon Musk, made a bid for Twitter in April, Tesla has lost over half of its market value, reducing his net worth by around $70 billion and risking his title as the richest man in the world.

On April 13, the day before Twitter stated in a regulatory filing that the billionaire had made a hostile bid to acquire the social media company for $43.4 billion, the shares of the electric car company traded at $340.79, according to a news agency.

Since then, the price of a Tesla share has fallen by 49% to $173.44, also as a result of concerns over disruptions at one of its factories in Shanghai. To pay for the deal, the Tesla CEO has sold $20 billion worth of Tesla shares since April.

This means that France's Bernard Arnault, CEO of the luxury giant LVMH, is nipping at his heels, putting his claim to be the richest person on the planet in danger. The news claims that because of share price changes on Wednesday, Arnault briefly held the top slot.

According to Musk,  "Having a public platform that is massively trusted and broadly inclusive is extremely important to the future of civilisation."

Tesla shareholders, though, are concerned about how he is dividing his time between Twitter and his numerous other ventures, including the rocket company SpaceX, and that managing Twitter is an undue distraction.

Elon Musk always remains in the discussion for one reason or the other. Elon Musk may have fired thousands of Twitter employees after buying the social media platform for $44 billion, but he hasn't shied away from hiring and helping his cousins. Billionaire Elon Musk's cousins James and Andrew Musk, who are their uncle's sons, have joined the San Francisco-based company, according to reports.

Andrew Musk works on software engineering projects, while James Musk is a "fixer type" who works with the Tesla CEO on projects, according to sources. Elon Musk acquired Twitter in October, despite months of confusion with Twitter. After that, about 70 percent of the company's 7,500 employees were fired. These included all the top executives of the micro-blogging site. The new employees Elon Musk has brought include engineers from Tesla and The Boring Company.