Elon Musk has lost the crown of Forbes’ richest person

Elon Musk has officially lost his position as the richest person in the world.

Musk’s net worth officially dropped to $185.7 billion today, forcing him to step down as the world’s richest person. Musk was overtaken by Bernard Arnault and Family, head of Moet Hennessy Louis Vuitton, with a net worth of $185.8 billion. Musk’s net worth was down 1.81 percent Wednesday, while Arnault’s was down just .41 percent at press time.

Forbes through it he keeps track of the richest people in the world Real-time Billionaires tracking.

Musk’s net worth has fallen mostly due to the sharp decline in Tesla’s stock price, which has been demolished over the past year. Down more than 50 percent, Tesla’s valuation has fallen from the first trillion dollar level to today’s $538.06 billion. Increased competition for electric vehicles in the US and Musk’s acquisition of social media platform Twitter, which was completed in late October, have had a major impact.

Today, Tesla shares continued to slide and were down more than 3.6 percent as of 11:41 a.m. on the East Coast. Analysts have continued to speculate about what could have caused the stock to fall, most of which have been set in motion Musk’s Twitter venture as the latest distractionand that could affect Tesla’s brand.

“At the end of the day, this circus show has not gotten better. It’s gotten worse since Musk took over Twitter. We’ve seen that over the last few weeks and my issue is about the tarnishing of Tesla’s brand,” Dan Ives said recently CNN. “Musk is very connected to Tesla, the premium that the shares get. That has been a bit of our concern. Also, his attention alone, it will be a tough juggling act here.”

Musk’s net worth surpassed $200 billion in October 2021, when he surpassed former Amazon CEO and travel rival Jeff Bezos for the second time. First appearance It was held in January 2021 When Musk’s net worth was at nearly the same levels as it is today.

Arnault and Musk sit ahead of India’s Gautam Adani, Jeff Bezos and Warren Buffett on the top 5 billionaires list.

Disclosure: Joey Klender is a TSLA shareholder.

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Elon Musk has lost the crown of Forbes’ richest person