Fortune: Why Elon Musk lost his place as the richest man in the world to Bernard Arnault

Fortune: Why Elon Musk lost his place as the richest man in the world to Bernard Arnault

Photo credit, Reuters

Elon Musk is no longer the richest man in the world after a sharp drop in the value of his shares in electric car company Tesla this year.

According to Forbes and Bloomberg, Mr. Musk was overtaken in first place by Bernard Arnault, the chief executive of luxury goods group LVMH.

Mr. Musk is the CEO and largest shareholder of Tesla, with a reported stake of about 14%.

In October, he bought the social network Twitter for 44 billion dollars.