Elon Musk has lost his title as the world’s richest person as the value of his electric vehicle company Tesla continues to decline.
Musk has lost the top rank to France’s Bernard Arnault, CEO of the luxury conglomerate LVMH.
Born in South Africa, Musk, who recently purchased Twitter, is the CEO of Tesla and its largest shareholder.
Tesla stock was trading at $340.79 (£275.27) on April 13, the day before Twitter reported in a regulatory filing that the billionaire had launched a $43.4 billion hostile proposal.
It calculates that he is currently worth approximately $177 billion, compared to Arnault’s net worth of $188 billion.