Elon Musk is no longer the richest person in the world, after the stock price of Tesla, one of the companies he heads, tumbled on Monday. The new richest person is Bernard Arnault, CEO of the luxury fashion conglomerate LVMH, which owns Louis Vuitton, Dior, Tiffany, Moët, and more.
According to the Bloomberg Billionaire Index, Musk’s net worth dropped just under $168.5 billion, dipping below Arnault’s $172.9 billion. Most of Musk’s wealth comes from his Tesla stock, which has fallen about 50% in the last year. He was once worth as much as $340 billion.
Musk’s worth also took a hit from his November purchase of Twitter for $44 billion. In order to finance the deal, he sold off about $15 billion of his Tesla shares.
This continues a very bad week for Musk, who was booed at a Dave Chappelle show in San Francisco on Sunday night. Musk first said the audience was actually cheering, then blamed the “woke” attendees and a fight in the crowd. Chappelle introduced him by saying, “Make some noise for the richest man in the world!” That would prove to be an accurate descriptor for another 18 or so hours.