Elon Musk walked in August 13, 2021 at Tesla's Gigafactory in Gruenheide near Berlin, Germany. PATRICK PLEUL Twitter owner and Tesla TSLA.O boss Elon Musk lost his title on Wednesday after a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm, according to Forbes.
Bernard Arnault, chief executive of luxury brand Louis Vuitton's parent company LVMH LVMH.PA and his family briefly took the title as the world's richest, but were back at No. According to Forbes, there was 2 with a personal wealth of $185.3 billion.
Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. The title was taken over by Musk from Amazon.com AMZN.O founder Jeff Bezos.
READ MORE: Elon Musk says he will find a new leader for Twitter.
The shares of Tesla have lost 47% of value since Musk made his offer to buy Twitter earlier this year, and are down 2.7%.
Musk's net worth dropped below $200 billion earlier on Nov 8 as investors dumped Tesla's shares on the fears that the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter.
READ MORE: Elon Musk says I have too much work on my plate.
Musk's net worth has dropped by about 70 billion since he bid for Twitter in April, and Tesla has lost half of its market value. Musk closed the deal for Twitter in October with $13 billion in loans and $33.5 billion in equity commitment.
Musk is also the head of SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.