Elon Musk Dethroned As World’s Wealthiest Person

The Daily Beast reports:

Elon Musk lost the title of world’s richest person on Wednesday, according to Forbes’ billionaire rankings. The Tesla CEO lost $3.4 billion of his net worth overnight as the electric car company’s stock plummetted.

So far this year, Musk has lost more than $100 billion to the carmaker’s tanking stock, though previous losses didn’t affect his title as the wealthiest billionaire.

Instead, the man taking the crown in Forbes’ real-time index on Wednesday was Bernard Arnault and his family, the French CEO of luxury goods conglomerate LVMH.

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Semafor points out that the Forbes list only includes those with “publicly known wealth.” Among those not listed are Vladimir Putin and members of the Saudi royal family. Musk could easily retake the top spot depending on the stock performance of Tesla.