(Reuters) – Twitter owner and Tesla CEO Elon Musk lost his title as the world’s richest person on Wednesday, according to Forbes, after a steep drop in the value of his stake in the electric car maker and a $44 billion bet on the social media firm.
Bernard Arnault, CEO of luxury brand Louis Vuitton’s parent company LVMH, and his family briefly took the title of world’s richest, but were back at No. 2 with a personal fortune of $185.3 billion, according to Forbes.
Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. 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%.
Musk̵[ads1]7;s net worth fell below $200 billion earlier on Nov. 8 as investors dumped Tesla shares amid concerns that the chief executive and largest shareholder of the world’s most valuable electric car maker is more preoccupied with Twitter.
Tesla has lost nearly half of its market value and Musk’s net worth has fallen by about $70 billion since he bid on Twitter in April. Musk closed the deal for Twitter in October with $13 billion in debt and an equity commitment of $33.5 billion.
Besides Tesla, Musk also heads the rocket company SpaceX and Neuralink, a startup developing ultra-high-bandwidth brain-machine interfaces to connect the human brain to computers.
(Reporting by Akriti Sharma and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta)