Elon Musk, who completed his $44 billion acquisition of Twitter on Thursday, is the world’s richest person, with a current net worth of $204bn, according to the Bloomberg Billionaires Index.
However, his net worth has dropped by about $66.4bn since the start of the year, the index showed.
How much is Elon Musk worth now?
Mr Musk’s enormous fortune exceeds that of Bernard Arnault, chairman of French luxury group LVMH and the world’s second-wealthiest person with a net worth of $140bn — by $64bn.
The 50-year-old founder and chief executive of electric vehicle maker Tesla and rocket company SpaceX was crowned the world’s richest person in January this year, when his net worth was valued at $273.5bn by Bloomberg, which compared his wealth with John D Rockefeller.
“Mr Musk reached the level of riches, inflation-adjusted, achieved by modern history’s wealthiest person,” Bloomberg said at the time.
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Watch: Elon Musk enters Twitters HQ as he prepares to buy company
On April 14, Mr Musk launched his surprise bid for Twitter after becoming the microblogging platform's largest single shareholder with a stake of 9.2 per cent, or 73.5 million shares valued at about $3bn.
His offer price of $54.20 per share represented a 38 per cent premium on the closing price of Twitter's stock on April 1, the last trading day before his investment in the company was publicly announced.
Despite raising $46.5bn to finance his bid to buy Twitter, a combination of volatile stock markets, the Russia-Ukraine crisis and the Covid-19 pandemic has taken a toll on Mr Musk’s net worth, Bloomberg said.
Richest person in the world
Mr Musk was also declared the richest person in the world in April by Forbes magazine in its annual 2022 World Billionaires List with a personal fortune of $219bn.
The Forbes annual list used stock prices and exchange rates from March 11 to calculate Mr Musk’s net worth, whereas the Bloomberg Billionaires Index is updated daily.
However, the Forbes Real-Time Billionaires list, which is updated daily, puts Mr Musk's current net worth at $223.8bn.
“Even after selling billions of dollars of Tesla stock late last year, and owing taxes on gains from those sales, Musk is an estimated $68bn richer than a year ago,” Forbes said in its annual report.
What is Mr Musk's background?
The Canadian-American businessman was born in South Africa and has seven children.
His stake in privately held SpaceX is valued at about $40.3bn, figures compiled by Bloomberg show.
Mr Musk has a history of posting market-moving tweets to stoke interest in his ventures, which has drawn the ire of the US Securities and Exchange Commission.
In March, Bitcoin, Ether and Dogecoin were given a quick boost after he tweeted that he owns the digital tokens and isn’t planning to sell.
In response, Bitcoin, which had fallen as much as 2.9 per cent before Mr Musk’s tweet, wiped out its losses then retreated again. Ether was also up as much as 2.3 per cent before giving up some gains, while Dogecoin rose 3.8 per cent.
In November, Tesla's shares fell as much as 4.5 per cent at the start of trading in New York, having dropped nearly 7 per cent in premarket trading after Mr Musk asked his more than 80 million followers on Twitter whether he should sell 10 per cent of his holdings in the electric vehicle maker. A clear majority (58 per cent) of the 3.5 million Twitter users who voted said yes.
Mr Musk made his first millions in the 1990s, when he sold his first company, Zip2, for more than $300m. He then launched X.com, an online payment system that eventually became PayPal, which he sold to eBay for $1.5bn in 2002.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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The Internet
Hive Mind
four stars
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Match statistics
Dubai Sports City Eagles 8 Dubai Exiles 85
Eagles
Try: Bailey
Pen: Carey
Exiles
Tries: Botes 3, Sackmann 2, Fourie 2, Penalty, Walsh, Gairn, Crossley, Stubbs
Cons: Gerber 7
Pens: Gerber 3
Man of the match: Tomas Sackmann (Exiles)
UAE currency: the story behind the money in your pockets
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
