Elon Musk is no longer the world’s richest man

Elon Musk is no longer the world’s richest man!

The development comes after a sharp drop in the value of Musk’s shares in the electric car company Tesla this year.

The electric carmaker Tesla saw its stock price plummet 6.3% on Monday.

Telsa’s CEO has been dethroned by the chief executive of luxury goods group LVMH Bernard Arnault.

As per the Forbes real-time billionaires list, Bernard Arnault is placed in the 1st position with a wealth of $188.6 billion.

While Musk’s worth is now about $178bn (£152bn).

As reported, the market value of Tesla was around $520 billion on Tuesday and LVMH more than $370 billion.

CEO of Tesla, SpaceX and Twitter had held the top spot since September 2021 when his wealth surpassed Amazon founder and former-CEO Jeff Bezos.

So its official now that Bernard Arnault, chairman and CEO of French fashion powerhouse LVMH Moët Hennessy Louis Vuitton, is the world’s richest man.