SAN FRANCISCO: Elon Musk, the owner of Twitter, briefly ceded the title of the richest man in the world to Bernard Arnault, the head of Louis Vuitton's parent company LVMH, on Wednesday.

Forbes reports that Arnault and his family had a net worth of USD185.4 billion, surpassing Musk, who had a net worth of $185.3 billion before rising to almost $190 billion.

According to the Bloomberg Billionaires Index, Musk's wealth has decreased by $100.5 billion thus far in 2022. After purchasing Twitter for a staggering USD44 billion, the Tesla CEO's wealth continued to decline.
In November of last year, the 51-year-net old's worth reached a peak of $340 billion.  To date, Tesla stock has fallen by over 58 percent.

Musk's net wealth currently surpasses that of Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos.

Musk's net worth of more than $185 billion made him the richest person in the world for the first time in January 2021.
In the meantime, Tesla stock is falling on rumours that the company may reduce output at its Shanghai plant by 20% in December.

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