Elon Musk no longer the richest man

Following a decline in the value of shares of his electric car firm, Tesla, Elon Musk has lost his title as the richest man in the world.

On Wednesday, Forbes and Bloomberg reported that France's Bernard Arnault, the head of luxury goods company LVMH, had surpassed Musk.

With a reported 14% ownership in Tesla, Musk is both the company's CEO and its largest stakeholder.

Tesla's market value has declined by more than 50% since Musk first launched a bid for Twitter in April. He completed the $44 billion purchase of the social networking site Twitter in October.

Forbes estimates Elon Musk's current net worth to be around $178 billion.

Bernard Arnault, meanwhile, is worth $188 billion.

Earlier on November 8, investors sold Tesla shares out of worry that Musk, the company's chief executive and major shareholder, was more focused with Twitter than Tesla. As a result, Musk's net worth dropped below $200 billion.

In addition to Tesla, Musk serves as the CEO of SpaceX and Neuralink, a start-up that is working to create ultra-high-bandwidth brain-machine interfaces.