I checked in with a friend, whom you all know, for the latest on the celebrity CEO.
Our friend tells me the celebrity CEO is losing massive amounts of money on the bird company, which he predicated the CEO would be forced to buy, after the contract was signed this spring.
Advertisers have fled, and our CEO has no way out of the situation. The CEO’s rocket company is trying to get more money at a higher valuation this week, but may not find any takers.
Demand for the cars produced by the celebrity CEO’s company has peaked, and will likely begin to decline in the near future.
Finally, the CEO borrowed a ton of money to buy the bird company against the stock he owns in the car company, and he may soon be forced to sell a massive amount of stock, due to margin calls.
Elon Musk
SpaceX, Tesla
Elon Musk is no longer the richest person in the world
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.
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. – Source
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