Elon Musk has been dethroned as the No 1 on the rich list by Louis Vuitton boss Bernard Arnault.
According to the lists by Forbes and Bloomberg, the Tesla CEO is now placed second after holding the numero uno position since September 2021, reports the Hindustan Times.
According to the Bloomberg Billionaires List, Musk's total net worth stands at $164 billion as compared to Arnault's wealth of $171 billion. India's richest tycoon Gautam Adani is placed third at $125 billion.
Musk's relegation to the second spot is being linked to the drop in Tesla's shares on Tuesday. The EV maker's shares dropped by 6.5 per cent to $156.91 in New York, putting its market cap below $500 billion, Bloomberg reported.
Musk has invested heavily in the social media platform Twitter, for which he paid $44 billion. Under him, the microblogging giant has undergone a complete overhaul, introducing new features including a paid Twitter Blue subscription service.
According to a report by Insider Intelligence accessed by Reuters, Twitter will witness an exodus of users due to changes made by Musk and flat revenue growth for the next two years. The report says that the social media platform will lose more users in the US than any other country, adding that monthly users will fall to 50.5 million in 2024, the lowest level since 2014.
"Users will start to leave the platform next year as they grow frustrated with technical issues and the proliferation of hateful or other unsavoury content," said Jasmine Enberg, principal analyst at Insider Intelligence.
