Twitter’s new boss Elon Musk who is also the CEO of electric carmaker Tesla and spacecraft engineering firm SpaceX briefly lost the spot of the world wealthiest person to France’s luxury goods brand LVMH’s Bernard Arnault and family on Wednesday.

Share Market Live

NSE

Musk has been holding the top spot on the Forbes list since September 2021 and as of Thursday morning had a net worth of $185.4 billion. He took over the title from Amazon founder Jeff Bezos.

Wednesday’s drop was following a decline in the value of the billionaire’s stake in the electric-car maker and a $44 billion bet on the social media firm.

Earlier on November 8, Musk's net worth had dropped below $200 billion as investors dumped Tesla's shares on worries the top executive and largest shareholder of the world's most valuable electric-vehicle maker is more preoccupied with Twitter.

This comes as Tesla has lost nearly half its market value and Musk's net worth has fallen by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.

Also Read: #SleepWhereYouWork: Elon Musk turns some Twitter office rooms into bedrooms

Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family replaced Musk from the top spot but was back at the second position soon after. His wealth as of this morning was $184.7 billion.

Meanwhile, Musk’s Neuralink, a medical device company, is under federal investigation for potential animal-welfare violations amid internal staff complaints that its animal testing is being rushed, causing needless suffering and deaths, according to documents reviewed by Reuters.