Elon Musk is not the richest man in the world / Who replaced the billionaire

Elon Musk

The CEO of Tesla has left the top spot on the Forbes list of billionaires to Bernard Arnault, CEO of the French company that owns Louis Vuitton.

Forbes currently estimates that Arnault's fortune is around $188.6 billion, while Musk's is estimated at $176.3 billion.

Musk's fortune has fallen by more than $100 billion this year after a sharp slide in Tesla shares, which make up the bulk of his fortune. Shares of Tesla hit their all-time low on Tuesday.

The electric car maker's stock has fallen more than 50% this year amid falling demand from China and Musk's preoccupation with Twitter. Last week, Tesla investors expressed concern that Twitter had become too much of a distraction for the carmaker's CEO. Musk also sold some of his Tesla holdings to help finance his $44 billion acquisition of Twitter.

Musk became the world's richest person last year after passing Amazon founder Jeff Bezos. At the time, Musk said he sent Bezos a silver medal to commemorate his victory./ CNA.al

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