Elon Musk, the owner of SpaceX and TESLA, has been stripped of his “richest man in the world” title after his stock plunged.

Musk owns 14 percent of Tesla shares. Bernard Arnault, CEO of French luxury goods company LVMH, has become the richest man in the world, according to Forbes and Bloomberg. According to Forbes, Musk’s personal fortune is $178 billion. Arno’s fortune is $188 billion.

According to Bloomberg, Musk is worth $168.5 billion and Arno is worth $172.9 billion.

The $44 billion purchase of Twitter by a South African businessman in October following months of negotiations and uncertainty, and what happened afterwards, continue to be discussed in the international press.

It is believed that Tesla’s share price decline could also impact the Twitter acquisition process.

According to Dan Ives of investment firm Wedbush Securities, “The Twitter deal circus tarnished Musk’s image and burdened Tesla. Musk, who grew in notoriety with every tweet he sent, went from superhero to tyrant in the eyes of the street.

Musk sold about $20 billion worth of Tesla shares to buy Twitter. This also contributed to the decline in share prices.

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