The CEO of Tesla, Elon Musk, is no longer the richest man in the world, having lost his position behind the president and CEO of the luxury LVMH, Frenchman Bernard Arnault and his family, according to Forbes.

A fall in the price of Tesla shares - which today closed with a drop of 6.27% - has caused Arnault to rise one place in the ranking.

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Bernard Arnault, the tycoon who displaced Amancio Ortega as the richest in fashion

  • Writing: ANDREA M. ROSA DEL PINO

Bernard Arnault, the tycoon who displaced Amancio Ortega as the richest in fashion

San Francisco.

Elon Musk is booed at a Dave Chappelle show

  • Writing: EFENew York

Elon Musk is booed at a Dave Chappelle show

The electric vehicle company's share value has more than halved this year, partly due to a sell-off that was accelerated in the wake of Musk's $44 billion acquisition of Twitter.

The Arnault family

oversees the LVMH empire of some 70 fashion and cosmetics brands - including

Louis Vuitton

,

Sephora

and US jewelry

Tiffany & Co

- and is worth

$186.2 billion

, according to Forbes.

For his part,

Musk has a wealth of 181.3 billion

, according to the specialized media.

Musk became the world's richest man in September 2021, when he surpassed Amazon founder Jeff Bezos.

Musk's wealth, mostly tied up in Tesla shares, was buoyed by a meteoric rise in the automaker's stock price, which

soared more than 1,000% in two years.

According to FactSet data, Musk currently owns 14.11% of Tesla's shares, with a market value of $530 billion.

Musk also owns more than 40% of SpaceX shares, adding billions to his net worth.

It is not the first time this year that Musk momentarily falls on this list, since last week he briefly lost his title as the richest person to the Arnaults.

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