Elon Musk briefly loses crown as world’s richest person to luxury king

Twitter owner and Tesla boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker andBernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family briefly took the title as the world’s richest, but were back at No. 2 at the end of the Wall Street trading day with a personal wealth of $US184.7 billion, according to Forbes.

Musk’s net worth dropped below $US200 billion earlier on November 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter. Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $US70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $US13 billion in loans and a $US33.5 billion equity commitment. Musk has sold at least $US36 billion of his own Tesla shares to fund the buyout.Credit:

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The dip before the next surge.

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