Elon Musk lost the title of richest person in the world

• LVMH CEO Bernard Arnault has become the richest person in the world, surpassing Elon Musk.
• Musk has lost over $100 billion this year as Tesla's share continue to slide.

Elon Musk is no longer the richest person in the world.

The Tesla CEO gave up the top spot on Forbes' Billionaires List to Bernard Arnault, the CEO of the French company that owns Louis Vuitton, last week. On Tuesday, Musk also temporarily lost the top spot on Bloomberg's Billionaires Index as the net worth of both men continues to be in flux.

Forbes currently estimates Arnault's fortune to be worth about $188.6 billion, while Musk's is valued at $176.3 billion. Meanwhile, Bloomberg showed Musk's net worth as about $1 billion higher than Arnault's, as of Tuesday afternoon.

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Musk's wealth has fallen by more than $100 billion this year, following a sharp slide in Tesla shares, which accounts for the bulk of his fortune.

Tesla shares hit their lowest value to date on Tuesday. The electric-car maker's stock has plummeted more than 50% this year amid falling demand from China and Musk's preoccupation with Twitter. Last week, Tesla investors expressed concern that Twitter had become too much of a distraction for the carmaker's CEO. Musk also sold some of his Tesla holdings to help fund his $44 billion Twitter purchase.

Musk became the world's richest person last year after overtaking Amazon founder Jeff Bezos. At the time, Musk said he sent Bezos a silver medal to commemorate his victory.

Arnault is CEO and chairman of LVMH, the Paris-listed conglomerate that has become the world's biggest luxury group. It owns about 70 fashion and cosmetic brands including Sephora, Tiffany & Co, Givenchy, Christian Dior, Dom Perignon and Moët Hennessy and is worth 358 billion euros ($376 billion).