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Now Holding the Title of the Richest Man in the World, in Place of Elon Musk, Bernard Arnault Is CEO of the French Luxury Brand LVMH, Maker of Items Like Louis Vuitton and Hennessy Cognac
Last Monday, Elon Musk lost, for the fourth time in less than a week, the title of the richest man in the world to Frenchman Bernard Arnault, CEO of the French Luxury Brand LVMH, which manufactures luxury items like Louis Vuitton and Hennessy cognac. According to Forbes’ real-time billionaire list, Musk’s fortune is estimated at US$ 181.6 billion, less than Arnault’s fortune of US$ 186.2 billion.
On the 7th (Wednesday), Elon Musk had already lost (twice!) the top spot on the billionaire list to the wealthy Arnault, but he regained the position on the same day. Then on the 8th (Thursday), Ekon Musk was overtaken again and only returned to the top on Friday, the 9th.
The significant rise of billionaire Arnault’s fortune and his achievement of the top spot on the billionaire list over Musk is due to LVMH’s stock being virtually stable in 2022. In contrast, the extensive capital of Musk suffered from a “dramatic collapse” of Tesla stock prices, which decreased by 56% this year, considering that Musk’s wealth peaked in November 2021, when it was valued at US$ 320 billion; he still holds a significant title.
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Brazil can reach 20% biodiesel in diesel fuel: the Future Fuel Law foresees an annual increase of one point, and the government wants to approve the next step, from 15% to 16%, still this year.
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While Brazil has the highest tax burden in the world, Paraguay attracts Brazilians with a 10% VAT and a tax burden almost 18 points lower; the Brazilian reform bets on a dual VAT to reorganize a system that collects 33.7% of GDP and surpasses the Latin American average.
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The federal government will give a discount of up to 90% on the debts of millions of Brazilians, and Nubank will participate: renegotiation will be done directly through the app, without external websites, with personalized installments, value updated in real time, and confirmed participation of major banks in the country.
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The Government of Italy makes a prediction that excites Brazilians, foreseeing Italian food becoming cheaper with tax cuts that could reach US$ 63 million.
LEARN ABOUT THE LIFE OF BILLIONAIRE ELON MUSK
Elon Musk’s Fortune
The still-billionaire Elon Musk has currently transferred approximately US$ 4 billion in Tesla shares to finance his US$ 44 billion purchase of Twitter, which involves issues like layoffs and advertisers on edge, cautious about the platform’s direction. Previously, the wealthy individual had already given up US$ 15.4 billion in Tesla shares in early 2022, when the Twitter acquisition deal was announced.
Still facing losses and uncertain movements, billionaire Elon Musk is well ahead of the third richest billionaire in the world, Indian Gautam Adani, who has an estimated fortune of US$ 134.1 billion, and the founder of Amazon, Jeff Bezos, whose fortune is estimated at US$ 112.7 billion.
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