Elon Musk no longer world’s richest man

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

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

Mr Musk is principal superintendent and the largest shareholder in Tesla, with a reported stake of about 14.

He completed a$ 44bn preemption 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 preemption as one of the factors behind Tesla’s share price fall.

After erecting a stake in Twitter at the launch of the time, Mr Musk made his$ 44bn offer in April, although numerous considered this offer to be too high.

In July, he pulled out of the deal, citing enterprises over the number of fake accounts on the platform.

ultimately Twitter directors took legal action to hold Mr Musk to his offer.

Dan Ives from investment establishment Wedbush Securities said the” circus” girding the Twitter deal has counted on Tesla’s share price.

” Musk has gone from a superhero to Tesla’s stock, to a villain in the eyes of the Street, as the protuberance grows with each tweet,” he told the BBC.

” The Twitter circus show has hurt the Musk brand and it’s a major protuberance on Tesla’s stock. Musk is Tesla and Tesla is Musk.”

Mr Musk vended billions of bones worth of Tesla shares to help fund his purchase, which helped to push the shares down.

Investors have also been concerned that demand for the company’s electric buses may decelerate, as the frugality weakens, advanced borrowing costs discourage buyers and other companies boost their electric vehicle immolations.

Tesla has also been hit by recalls, as well as government examinations of crashes and its autopilot point.