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Elon Musk loses the title of the world’s richest person to Bernard Arnault | Elon Musk

Elon Musk has lost his crown as the world’s richest person, after further falls in the value of the shares in his electric car company Tesla.

Forbes and Bloomberg, which track the wealth of billionaires, reported that Musk had lost the top spot to France’s Bernard Arnault, CEO of luxury group LVMH.

South African-born Musk, who recently took ownership of Twitter, is the CEO of Tesla and its largest shareholder. The electric car company has lost more than half of its market value since Musk first made a bid on Twitter in April.

Shares in Tesla were trading at $340.79 (£275.27) on April 13, the day before Twitter revealed in a securities filing that the billionaire had made a hostile bid worth $43.4 billion. Since then, Tesla’s stock price has fallen by more than 50% and is currently trading at around $160.

New falls in the car company’s share price at the beginning of the week wiped about $7 billion from Musk’s fortune, according to Forbes. It calculates that he is now worth around $177 billion, compared to Arnault’s net worth of $188 billion.

Arnault had briefly overtaken Musk a week ago as a result of stock movements, before the Tesla boss regained the top spot. Musk has sold about $20 billion in Tesla shares since April to finance the purchase of Twitter.

Tesla’s market value has come under pressure partly as a result of disappointing quarterly results, and concerns about disruptions at one of its factories in Shanghai.

Investors have expressed concern that Musk could be distracted by his other ventures, including rocket company SpaceX and the operation of Twitter. He also regularly attracts criticism for some of the controversial tweets he writes to his 121 million followers.

In recent days, Musk appeared surprised when he was booed by the crowd after joining comedian Dave Chappelle on stage in San Francisco, who introduced Musk with the line: “Ladies and gentlemen, make some noise for the richest man in the world.”

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