Elon Musk is no longer the world’s richest person, following a dramatic drop in the value of his shares in Tesla this year.
According to Forbes and Bloomberg, Mr Musk has been surpassed at the top by Bernard Arnault, CEO of luxury goods conglomerate LVMH.
Mr Musk is Tesla’s CEO and the company’s top shareholder, with an estimated 14% stake.
In October, he completed a $44 billion buyout of the social network Twitter.
According to Forbes, Mr Musk is now valued over $178 billion (£152 billion).
Meanwhile, Bernard Arnault is worth $188 billion.
Mr Musk’s Twitter acquisition was only concluded after months of legal struggle, and some have blamed Tesla’s share price drop on the distraction of the takeover.
After acquiring a stake in Twitter at the start of the year, Mr Musk made his $44 billion offer in April, which many thought was excessive.
He backed out of the deal in July, expressing worries about the amount of false accounts on the network.
Twitter officials eventually took legal action to get Mr Musk to honour his offer.
The “circus” around the Twitter transaction, according to Dan Ives of research firm Wedbush Securities, has dragged on Tesla’s share price.
“Musk has gone from a superhero to Tesla’s stock, to a villain in Wall Street’s eyes, as the overhang builds with each tweet,” he told the BBC.
“The Twitter circus display has harmed Musk’s reputation and placed a significant burden on Tesla’s shares. Musk is Tesla, and Musk is Tesla.”
Mr Musk sold billions of dollars in Tesla stock to help fund his purchase, which sent the stock down.
Investors are also concerned that demand for the company’s electric vehicles will decline if the economy slows, rising financing rates deter consumers, and competing companies increase their electric vehicle offerings.
Tesla has also been hammered by recalls and government investigations into incidents and its autopilot technology.
For breaking information and reside information updates, like us on Facebook or observe us on Twitter and Instagram. Learn extra on Newest News on stepphase.com.
GIPHY App Key not set. Please check settings