Elon Musk has lost his crown as the world’s richest man as the share price of electric car company Tesla fell further.

According to Forbes and Bloomberg, which track the fortunes of billionaires, Musk has lost the top spot to Frenchman Bernard Arnault, CEO of luxury group LVMH.

South African Musk, who recently took ownership of Twitter, is Tesla’s CEO and largest shareholder. The electric car company has lost more than half its market value since Musk first bid for Twitter in April.

Tesla shares were trading at $340.79 (£275.27) on April 13, a day after Twitter disclosed in a securities filing that the billionaire had made a $43.4 billion hostile bid. Since then, Tesla’s stock price has fallen by more than 50%, and is currently trading at $160.

Hot on the heels of the car company’s stock price plunging earlier in the week, nearly $7 billion was wiped from Musk’s fortune, Forbes reported. He calculates that he is now worth about $177 billion, compared to Arnold’s net worth of $188 billion.

Before the Tesla boss took the top spot, Arnott briefly overtook Musk a week ago due to shareholder moves. Musk has sold about $20 billion in Tesla stock since April to buy Twitter.

Tesla’s market value has come under pressure in part due to disappointing quarterly results and concerns about outages at one of its factories in Shanghai.

Investors have expressed concern that Musk could be distracted by his other ventures, including the rocket company SpaceX and Twitter. He also regularly draws criticism for some of the controversial tweets he writes to his 121 million followers.

After joining comedian Dave Chappelle, who introduced Musk with his line in recent days, on stage in San Francisco, he seemed surprised when the audience yelled at him: “Ladies and gentlemen, give a little shout out to the richest man in the world.” the world.”

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