Elon Musk: Why did the famous businessman lose the title of the richest in the world?

Elon Musk

image copyright Reuters

Elon Musk is no longer the richest man in the world, after a sharp drop in the value of his shares in electric car company Tesla this year.

And according to both Forbes and Bloomberg, Bernard Arnault, CEO of luxury goods group Moi Hennessy Louis Vuitton, replaced Musk at the top of the richest in the world.

Musk is the CEO of Tesla, and is its largest shareholder, with a stake of about 14 percent.

He completed the $44 billion acquisition of social network Twitter in October.

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