Elon Musk has lost his crown as the world’s richest person after the value of shares in his electric car company Tesla continued to fall.
Forbes and Bloomberg, which track the wealth of billionaires, reported that Musk lost the top spot to Frenchman Bernard Arnault, CEO of luxury conglomerate LVMH.
South African-born Musk, who recently took over Twitter, is Tesla’s CEO and its largest shareholder. The electric-car company has lost more than half of its market value since Musk first made a bid for Twitter in April.
Shares of Tesla were trading at $340.79 (£275.27) on April 13, a day before Twitter revealed in a securities filing that the billionaire had made a hostile bid worth $43.4 billion. Since then, Tesla stock has fallen more than 50% and is currently trading around $160.
According to Forbes, the car company’s share price reduced Musk’s assets by around $7 billion at the beginning of the week due to renewed price declines. It calculates he’s now worth about $177 billion compared to Arnault’s net worth of $188 billion.
Arnault briefly overtook Musk on stock moves a week ago before the Tesla boss retook the top spot. Musk has sold about $20 billion worth of Tesla stock since April to fund his purchase of Twitter.
Tesla’s market value has come under pressure in part due to disappointing quarterly results and concerns about disruptions at one of its Shanghai factories.
Investors have expressed concerns that Musk could be distracted from his other ventures, 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.
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In recent days, Musk appeared surprised to be booed by audiences 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.”