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How did Musk lose his title as the world’s richest person?

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Elon Musk has briefly lost his title as the world’s richest person

This is all following a steep drop in the value of his stake in Tesla and his $44 billion purchase of Twitter.

Bernard Arnault, the CEO of LVMH, which includes luxury brands such as Louis Vuitton, briefly took over the title, with a personal wealth of $185 billion.

Musk has held the top position since late 2021, but has seen his wealth drop, as Tesla investors are worried that he is focused more on Twitter than the electric vehicle company.

Tesla has lost nearly half of its market value and Musk’s value has fallen approximately $70 billion since he made a bid for Twitter back in April.

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A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Disney’s Drama

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What’s going on at Disney and why is the world’s largest entertainment company in trouble?

 
Dreams are a wish your heart makes, or at Disney, dreams are having a tough time of coming true.

After decades of turning children’s dreams into fantasies, the mouse-house is facing a crisis of leadership.

This Ticker Original looks at how the Walt Disney Company got here, and what happens next. #disney #bob iger

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The Tech Market Crash

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Since the Global Financial Crisis, tech companies have been riding high and making billions, so what happened?

 
It’s been a shocking year for tech companies. Riding high off the back of the pandemic, reality suddenly hit.

Across Silicon Valley, and spreading to Wall Street, the once darlings of the Nasdaq were suddenly hit hard.

So what happened, and where to from here?

This Ticker Original investigates. #snapchat #apple #tech stocks #nasdaq

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