Elon Musk, the head of Tesla, SpaceX and, most recently, Twitter, is no longer the richest man in the world. According to Bloomberg, the Frenchman overtook Bernard Arnault – the CEO of LVMH – the multi-millionaire – in charge of such world-famous brands as Dior, Louis Vuitton, Moët et Chandon and Hennessy.

The billionaire’s fortune is now estimated at $168.5 billion (about 158.5 billion euros) – $172.9 billion less (162.6 billion euros) than Arnault’s.

Musk’s fall to second place was mainly due to his latest acquisition – the purchase of the social network Twitter – in which he spent $44 billion of his personal wealth.

But the deal did not produce the expected results. Tesla shares were quickly liquidated by many shareholders. Thus, the value of the shares of the electric car brand fell by half, which affected its fortune. The brand, on its best day, was valued at $340 billion (€319.8 billion).

Arnault’s fortune is mainly related to his involvement in the Moët Hennessy Louis Vuitton (LVMH) group. Now the world’s richest man acquired Dior in the 1980s – at a time when the brand was on the verge of bankruptcy.