As the value of his shares in Tesla slowly fall, Elon Musk lost his spot as the world's richest man.
France's Bernard Arnault, the CEO of luxury group LVMH, overtook the spot as the world's richest man according to Forbes and Bloomberg. Both track the wealth of billionaires around the world.
LVMH, one of the worlds leading luxury groups has several Italian brands under their management. These brands include Bulgari, Fendi, and Berluti.
Musk lost his spot at the top to Arnault because of a fall in his company's share price. On April 13th, the company was trading at around $340.79. After Musk made his bid to buy Twitter, the share price dropped more than 50%, landing it at around $160 per share. This caused Musk to lose approximately $7 billion, dropping him to around $177 billion net worth. Arnault's net worth sits at $188 billion.
The two have passed each other in ranking before, with Arnault passing Musk in November because of share movements.
Source: The Guardian