Elon Musk is no longer the richest person in the world as Tesla stock continues to fall, according to Forbes.
The new Twitter CEO is now the second richest person in the world behind Bernard Arnault and family, who is the co-founder and CEO of the French conglomerate LVMH, according to Forbes’ real-time billionaires list.
How much is Elon Musk worth?
Musk’s net worth is currently at $178.6 billion. Before falling to second on the richest persons list, Musk was worth around $184 billion. He is still ahead of industrialist Gautam Adani, who is third with $134 billion.
Meanwhile, Arnault’s net worth has risen to $188.6 billion.
Why did Elon Musk’s net worth drop?
Musk’s drop in net worth can be attributed to Tesla stock dropping by 6% on Monday, according to Nasdaq.
The drop follows a trend as Tesla stock has plummeted 58% since the beginning of the year. Axios reported Tesla investors have grown frustrated with Musk since taking over Twitter. In August, Musk sold nearly $7 billion worth of Tesla shares to get his finances in order ahead of his acquisition of Twitter.