Musk's attention to Twitter is hurting his bread and butter.,
. However, as 2022 dawned, Musk's fortunes began to dwindle, and Tesla stock began receding in value.
In April, Musk announced his decision to buy out Twitter and take the social media company private to unlock its true potential. The timing of his offer could not be worse as the U.S. Federal Bank began tightening its fiscal policy to rein in inflation. Within days, Musk's $44 billion offer seemed a price too high to pay, as the stock prices of tech companies began shrinking with higher interest rates.
Musk had to offload his Tesla stock to partly finance his buyout of Twitter, but investor confidence was hurt as Musk became CEO of five companies, after firing the Twitter board, soon after his acquisition.Every single day Musk spends improving Twitter, Wall Street punishes Tesla stock, which has now dropped over 50 percent in valuation in 2022 alone.
LVMH has made its fortune selling luxury goods ranging from Champagne, wines, spirits, perfumes, hotel stays, cosmetics, leather goods, and much more. Currently, LVMH has over 5,500 stores all over the globe and appears unaffected by the incoming recession, even as tech stocks have been sinking. Arnault, who has remained in the top ten of Bloomberg's Billionaire List for a while now, maintains a low profile and, unlike Musk, isn't even on Twitter. Recently, LVMH sold off its private jet and
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