According to Forbes, Elon Musk is no longer the richest man in the world, as he has lost the title to chief executive of luxury brand Louis Vuitton’s parent company LVMH (LVMH.PA), Bernard Arnault.
On Wednesday, Forbes disclosed this, stating that Arnault and his family briefly took the title with a personal wealth of $185.3 billion.
Forbes also disclosed that Tesla shares were down with 2.7% despite having lost more than 47% of their value since Musk made his offer to purchase Twitter earlier this year.
Earlier on November 8, investors sold off shares of Tesla, fearing that Musk, the company’s chief executive and largest shareholder, was more focused on Twitter than on Tesla’s business. As a result, Musk’s net worth fell below $200 billion.