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Elon Musk loses the title of the richest man in the world to Bernard Arnault

Tesla chief and owner of Twitter, Elon Musk, has lost the world’s richest title to Bernard Arnault, after a sharp drop in the value of his stake in the electric car maker, and a $44 billion bet on the social media company.

Tesla shares fell about 4 percent in morning trading on Wednesday, December 7, 2022.

This comes months after Musk sold Tesla shares to fund the $44 billion purchase of Twitter.

According to Forbes, Bernard Arnault, founder of the world’s largest luxury goods company, LVMH Mo√ęt Hennessy – Louis Vuitton SE, has the title of “world’s richest” with a personal fortune of $185.4 billion.

Elon Musk took over the world’s richest title from Jeff Bezos, founder of Amazon.com, in 2021, with a net worth of $185.7 billion.

Tesla has lost nearly half of its market value, and Musk’s net worth has fallen by about $70 billion since he made a bid to buy Twitter in April.

Elon Musk loses the title of the richest man in the world to Bernard Arnault

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