Elon Musk, the owner of Twitter and Tesla, has lost the title of richest man in the world to Bernard Arnault, the head of LVMH, the parent company of the luxury brand Louis Vuitton.
This information was made public by Forbes on Wednesday, following a dramatic decline in the value of Musk’s stock as a result of Twitter’s recent $44 billion acquisition.
Musk raised the money necessary for the purchase of the social media firm by selling shares of his electric vehicle company.
Musk still ranks second on Forbes’ list of the world’s wealthiest people with a personal value worth of $185.4 billion, despite his net worth having fallen below $200 billion earlier on November 8.
Arnault is valued $185.8 million. The 73-year-old Frenchman is a business tycoon, and Paris, France, is where his corporate headquarters are located.