Elon Musk loses 'world's richest person' title to fashion powerhouse
Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/Illustration
Business magnate Elon Musk lost his title on Tuesday as "the world's richest person" to Bernard Arnault, chairman and CEO of French fashion powerhouse LVMH Moët Hennessy Louis Vuitton.
Arnault, 73, was on top of Forbes' Real-Time Billionaires List with a net worth of $191.2 billion, while Musk ranked second with $185.1 billion as of 10.15 am EDT.
The 51-year-old CEO of Tesla, SpaceX and Twitter had held the top spot since September 2021 when his wealth surpassed Amazon founder and former-CEO Jeff Bezos.
The decline in Musk's wealth, mostly tied to Tesla shares, comes one day after electric carmaker Tesla saw its stock price plummet 6.3%.
Musk owns around 14% of Tesla shares and more than 40% of SpaceX, which is a private firm, while Arnault owns approximately 60% of LVMH.
The market value of Tesla was around $520 billion on Tuesday and LVMH more than $370 billion.
Musk's net worth dropped below $200 billion earlier on Nov 8 as investors dumped Tesla's shares on worries the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk's net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.