File Photo: Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, US, May 2, 2022. (REUTERS/Brendan Mcdermid)
Twitter owner and Tesla Inc boss Elon Musk lost his title as the world's richest person on Wednesday, according to Forbes, following his expensive bets to buy the social media firm and selling stocks of his electric-car company to fund the $44 billion deal.
Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family took the title with a personal wealth of $185.4 billion, according to Forbes.
Musk, who has held the top spot on the Forbes list of world's richest since September 2021, has a net worth of $185.3 billion.
Chairman and CEO of Luxury goods group LVMH Bernard Arnault. (Reuters file photo)
Musk took over the title from Amazon.com founder Jeff Bezos.
Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.
Musk's net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla's shares on worries the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.
