Famous billionaire Elon Musk lost the title of the richest person in the world after the sharp depreciation in the shares of the electric car company Tesla.
According to Forbes and Bloomberg, Bernard Arnault, CEO of LVMH, which includes luxury brands, has removed Musk from the list of the richest people.
According to Forbes, Musk’s current assets are at $178 billion, while Arnault’s is around $188 billion.
Musk is the CEO of Tesla, whose shares have fallen, and its largest shareholder with a 14 percent share.
Elon Musk also bought social media platform Twitter for $44 billion in October.