December 12, 2022

Tesla CEO Elon Musk is no longer the richest person in the world. He ceded that title to LVMH chairman and CEO Bernard Arnault at the close on Monday, according to Forbes.

Tesla shares closed down about 6.3% for the day, and have more than halved in value this year partially due to a sell-off that accelerated in the wake of Musk's $44 billion Twitter acquisition.

Musk's wealth, mostly tied to Tesla stock, was propelled by a meteoric rise in the carmaker's share price, which rocketed more than 1,000% in two years.

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