By Pen Fang
Elon Musk has lost his position as the richest person in the world. The Tesla CEO and current owner of Twitter sits in second place behind Bernard Arnault, the chief executive of LVMH, a luxury conglomerate.
Musk’s worth first dropped behind Arnault’s the week starting December 12, and has continued decreasing since. That Monday, Tesla’s shares went down 6%, dropping Musk’s worth by $7.4 billion, and ultimately causing him to lose his title as the world’s richest person.
Musk’s acquisition of and investment in Twitter has created a focus toward the social media platform, which has possibly caused investors to lose confidence in Tesla (along with Musk’s selling of Tesla shares to purchase the platform). Furthermore, the way Musk uses Twitter—and the negative attention he draws—could further add fuel to the fire.
The combined drop of Tesla stock and Musk’s management of Twitter has caused him to become the world’s first person to lose $200 billion.