Elon Musk no longer world’s richest man

Elon Musk is no longer the world’s richest man after a sharp drop in the value of his shares in electric car company Tesla this year.

According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH.

Mr Musk is chief executive and the largest shareholder in Tesla, with a reported stake of about 14%.

He completed a $44bn takeover of social network Twitter in October.

According to Forbes, Mr Musk is now worth about $178bn (£152bn).

Meanwhile, Bernard Arnault has a value of $188bn.

Mr Musk’s Twitter deal was only completed after months of legal wrangling, and some have cited the distraction of the takeover as one of the factors behind Tesla’s share price fall.

After building a stake in Twitter at the start of the year, Mr Musk made his $44bn offer in April, although many considered this offer to be too high.

In July, he pulled out of the deal, citing concerns over the number of fake accounts on the…

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This article was written by and originally published on www.bbc.co.uk