Elon Musk is no longer the world’s richest man after a sharp drop in the value of his shares in electric car company Tesla this year.
According to Forbes, Musk’s worth now lies at $178bn (£152bn), which means he has been overtaken by Bernard Arnault, the chief executive of luxury goods group LVMH with an estimated worth of $188bn.
Mr. Musk is chief executive and the largest shareholder in Tesla, with a reported stake of about 14%.
Elon Musk bought Twitter in October after signing a $44billion deal after months of legal work.
Experts have said that the twitter wrangling might have contributed to Musk’s share fall in Tesla.
After building a stake in Twitter at the start of the year, Mr. Musk made his $44bn offer in April, although many considered this offer to be too high.
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In July, he pulled out of the deal, citing concerns over the number of fake accounts on the platform.
Eventually Twitter executives took legal action to hold Mr. Musk to his offer.
Dan Ives from investment firm Wedbush Securities said the “circus” surrounding the Twitter deal has weighed on Tesla’s share price.
Investors have also been concerned that demand for the company’s electric cars may slow, as the economy weakens, higher borrowing costs discourage buyers and other companies boost their electric vehicle offerings.