Elon Musk has lost his crown as the richest person in the world, after news fall in stock value in his electric car company Tesla.
Forbes and Bloomberg, which track the wealth of billionaires, reported that Musk lost the top spot to France Bernard Arnaultthe CEO of the luxury group LVMH.
Musk, born in South Africa, who recently took over 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 an offer on Twitter in April.
Tesla shares were trading at $340.79 (£275.27) on April 13, the day before Twitter revealed in a securities filing that the billionaire had makes a hostile offer worth $43.4 billion. Since then, Tesla’s stock price has fallen more than 50% and is currently trading at around $160.
According to Forbes, further falls in the automaker’s share price earlier this week wiped about $7 billion from Musk’s fortune. He calculates he is now worth around $177 billion, compared to Arnault’s $188 billion.
Arnault briefly overtook Musk a week ago on stock moves, before the Tesla boss regained the top spot. The musk has sold around $20 billion worth of Tesla stock since April to finance its purchase of Twitter.
Tesla’s market value has come under pressure in part because of disappointing quarterly resultsand concerns about disruptions at one of its factories in Shanghai.
Investors have expressed concern that Musk could be distracted by his other businesses, including rocket company SpaceX and running Twitter. He also regularly draws criticism for some of the controversial tweets he writes to his 121 million followers.
In recent days, Musk seemed to be taken by surprise when he was booed by the audience after joining comedian Dave Chappelle onstage in San Francisco, who introduced Musk with the line, “Ladies and gentlemen, make some noise for the richest man in the world.”