- 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 $4 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 $4 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.
Musk's wealth has fallen by more than $4 this year, following a sharp slide in Tesla shares, which accounts for the bulk of his fortune.
Tesla shares hit their $4 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 $4 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 $4 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).