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Twitter owner and Tesla boss Elon Musk has lost his title as the world’s richest person to Bernard Arnault, chairman and CEO of French fashion powerhouse LVMH Moët Hennessy Louis Vuitton.
Arnault, is on top of Forbes’ Real-Time Billionaires List with a net worth of $191.2 billion, while Musk ranked second with $185.1 billion
Musk, has held the top spot on the Forbes list since September 2021, after he took over the title from Amazon founder Jeff Bezos.
Meanwhile, Tesla shares have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year.
Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.
Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.
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