• Elon Musk is no longer the world’s richest man.
• Bernard Arnault, head of luxury goods company LVMH, has surpassed Elon Musk.
• Mr. Musk completed the $44 billion acquisition of Twitter.

Elon Musk is no longer the world’s richest man, since the value of his stock in Tesla has more than halved.

According to Sources, Bernard Arnault, the head of luxury goods company LVMH, has surpassed Elon Musk for the top slot. Mr. Musk previously held that position.

Mr. Musk is Tesla‘s CEO and the company’s top shareholder, with an estimated 14% stake.

Mr. Musk is estimated to be worth $178 billion (£152 billion), source said.

In contrast, Bernard Arnault is worth $188 billion.

In October, Mr. Musk completed the $44 billion acquisition of Twitter. However, the deal wasn’t finalized until months of legal wrangling, and some have suggested that Tesla’s stock price decline was caused in part by the Twitter takeover’s distraction.

After investing in Twitter at the beginning of the year, Mr. Musk made his $44 billion offer in April, which many people thought was excessively costly.

He backed out of the agreement in July, citing worries about the volume of phoney accounts on the network.

In the end, Twitter officials filed a lawsuit to enforce Mr. Musk’s offer.

The “circus” around the Twitter deal, according to investor Dan Ives from Wedbush Securities, has hurt Tesla’s stock price.

As the overhang develops with each tweet, “Musk has gone from a superhero to Tesla’s stock, to a villain in the eyes of the Street, as the overhang grows with each tweet,” he told media.

“The Twitter circus show has hurt the Musk brand and it’s a major overhang on Tesla’s stock. Musk is Tesla and Tesla is Musk.”

[embedpost slug=”elon-musk-tweets-crypto-bot-ban-doge-co-founder-confirms/”]