Elon Musk briefly loses title as world's richest person

Tesla boss Elon Musk briefly lost his title as the world's richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family briefly took the title as the world's richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com founder Jeff Bezos.

Musk's net worth dropped below $200 billion earlier on Nov. 8. Tesla has lost nearly half its market value and Musk's net worth has dropped by about $70 billion since April.

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.