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Elon Musk is no longer the wealthiest man in the world, according to Forbes. The business magnate has been knocked to the number two spot on Forbes’ list of the world’s richest people by French multinational conglomerate LVMH.
Arnault is currently worth a staggering $188.6 billion, says Forbes; Musk is worth $176.8 billion.
The drop in the SpaceX CEO’s net worth has been attributed largely to his controversial takeover of Twitter, with many citing the distraction of the $44-billion deal as one of the reasons behind the fall in Tesla’s share prices.
“The big problem is that many investors have lost some confidence in Tesla because Musk is being forced to focus so much of his attention on Twitter,” says Miller Tabak’s chief market strategist Matt Maley. Other analysts add that Musk’s undivided attention on Twitter at such a key time for Tesla is “not a good look.”
Musk’s acquisition of the microblogging platform has been marred with controversy, with his frequent tweeting and increasing focus on politics confirming concerns amongst Tesla’s investors that the move would be a distraction.
Earlier this year, he sold nearly $7 billion worth of shares in the electric automobile company, tweeting that it was important to avoid an emergency sale of Tesla stock amid a legal showdown with Twitter.
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