Elon Musk is no longer the world’s richest man after seeing the value of his stake in electric car company Tesla more than halve.
According to both Forbes and Bloomberg, Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.
Musk is the chief executive and the largest shareholder in Tesla, with a reported stake of about 14%.
According to Forbes, Musk is worth about $178bn.
Meanwhile, Bernard Arnault has a value of $188bn.
Musk completed a $44bn takeover of Twitter in October. However, the deal was only completed after months of legal wrangling, and some have cited the distraction of the Twitter takeover as one of the factors behind Tesla’s share price fall.
After building a stake in Twitter at the start of the year, Musk made his $44bn offer in April, although many considered this offer to be too high.
In July, he pulled out of the deal, citing concerns over the number of fake accounts on the platform.
Eventually, Twitter executives took legal action to hold Musk to his offer.
