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Bernard Arnault unseats Elon Musk as world’s richest man

After witnessing the value of his stock in electric vehicle manufacturer Tesla more than halve, Elon Musk is no longer the richest person in the world.

According to Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH, BBC reports.

Mr Musk, the chief executive and the largest shareholder in Tesla, has a reported stake of about 14% and is worth about $178bn (£152bn), according to Forbes.

Bernard Arnault on the other hand, has a value of $188bn.

Mr Musk completed a $44bn takeover of Twitter in October. However, the deal was only completed after months of legal wrangling, and some have cited the distraction of the Twitter takeover as one of the factors behind Tesla’s share price fall.

Writing by Muzha Kucha