Home » US business news » Elon Musk is now world’s second richest person after Tesla shares fall
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Elon Musk has lost the title of the world’s richest man after Tesla shares dropped drastically.
His spot is now overtaken by the European mogul Bernard Arnault, CEO of luxury brand LVMH.
Mr. Musk holds the major shares at Tesla, around 14 percent.
READ MORE: SPACEX, TESLA, AND BORING COMPANY EXECS ARE HELPING ELON MUSK TO RUN TWITTER
In October, he bought the social media platform Twitter for $44 billion.
The past few months have been tumultuous for Twitter from a legal battle to stringent workplace changes.
Some cited the distraction of the takeover as one of the reasons behind Tesla's share value drop.
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For acquiring Twitter, Mr. Musk sold his share of Tesla stock worth billions, causing the Tesla share price to plummet.
Investors are also concerned that demand for the company's electric cars may decline if the economy slows.
The higher borrowing rates will deter buyers which prompts other firms to increase their electric vehicle offerings.
Tesla recently faced federal investigations over its autopilot feature which has caused accidents.
Source: BBC
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