Elon Musk is no longer the world's richest man after a sharp drop in the value of his shares in electric car company Tesla this year. According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury goods group LVMH. Mr Musk is chief executive and the largest shareholder in Tesla, with a reported stake of about 14%. He completed a $44bn takeover of social network Twitter in October. According to Forbes, Mr Musk is now worth about $178bn (£152bn). Meanwhile, Bernard Arnault has a value of $188bn. Mr Musk sold billions of dollars worth of Tesla shares to help fund his purchase, which helped to push the shares down. Investors have also been concerned that demand for the company's electric cars may slow, as the economy weakens, higher borrowing costs discourage buyers and other companies boost their electric vehicle offerings.
