No longer the richest man on earth is Elon Musk.

Mrs Beauty

 After a significant decline in the value of his Tesla shares this year, Elon Musk is no longer the richest person in the world.

Bloomberg and Forbes both report that Bernard Arnault, the head of luxury goods company LVMH, has surpassed Elon Musk as the leader in the market.

With a reported 14 percent ownership stake in Tesla, Mr. Musk serves as both the company's CEO and its largest shareholder.

In October, he finished a $44 billion takeover of the social media site Twitter.

Musk is now estimated to be worth $178 billion (£152 billion), according to Forbes.

Bernard Arnault is worth $188 billion at the moment.

After months of legal wrangling, Mr. Musk's Twitter deal was finally finalized, and some have suggested that the takeover's distraction was a contributing factor in the decline in Tesla's stock price.

After beginning the year with a stake in Twitter, Mr. Musk made his $44 billion offer in April, though many thought it was too much money.

He withdrew from the agreement in July, citing worries about the prevalence of phony accounts on the platform.

In the end, Twitter executives filed a lawsuit to enforce Mr. Musk's promise.

Tesla's stock price has been negatively impacted by the "circus" surrounding the Twitter acquisition, according to Dan Ives of the investment firm Wedbush Securities.

As the overhang increases with each tweet, he told the BBC, "Musk has gone from a superhero to Tesla's stock, to a villain in the eyes of the Street.".

The Musk brand has been damaged by the Twitter circus show, which has a significant negative impact on Tesla's stock. Tesla and Musk are the same thing. ".

In order to finance his purchase, Mr. Musk sold shares of Tesla worth billions of dollars, which contributed to a decline in the stock price.

Investors have also expressed concern that as the economy deteriorates, rising borrowing costs deter potential customers, and other companies expand their electric vehicle offerings, demand for the company's electric cars may slow.

Government inquiries into crashes and its autopilot feature have also hurt Tesla. Recalls have also occurred.


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