Elon Musk loses title of world richest man to Bernard Arnault

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Elon Musk has lost his title as the world’s richest person after selling Tesla stocks to fund the $44 billion purchase of Twitter.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family took the ‘world richest’ title with a personal wealth of $185.4 billion, according to Forbes.

Musk, who has held the top spot on the Forbes list for world’s richest since September 2021, now has a net worth of $185.3 billion.

Tesla’s shares fell about 4 percent in morning trading on Wednesday, Dec. 7.