Elon Musk is no longer the richest man in the world after seeing his stake in electric carmaker Tesla more than halve in value.
According to Forbes and Bloomberg, Mr Musk has been overtaken at the helm by Bernard Arnault, CEO of luxury goods group LVMH.
Musk is Tesla’s CEO and largest shareholder with a reported stake of approximately 14%.
According to Forbes, Mr Musk is worth around $178 billion (£152 billion).
Bernard Arnault is now worth $188 billion.
Mr Musk completed a $44 billion takeover of Twitter in October. However, the deal was only finalized after months of legal wrangling, and some have cited the distraction from the Twitter acquisition as one of the factors behind Tesla’s share price decline.
After building a stake in Twitter earlier in the year, Mr Musk made his $44 billion offer in April, though many felt the offer was too high.
In July, he withdrew from the deal, citing concerns about the number of fake accounts on the platform.
Eventually, Twitter leadership took legal action to keep Mr Musk on his offer.
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