Elon Musk no longer holds the coveted richest man position in Forbes’s real-time billionaire ranking with Bernard Arnault, the chief executive of luxury goods group Louis Vuitton, overtaking him today.
Arnault’s net worth of $275 billion surpassed Musk’s $260 billion.
Musk’s Tesla shares have dropped this year due to inflation and, as per some expert claims, due to distractions from his Twitter takeover.
Mr Musk sold billions of dollars worth of Tesla shares to help fund his purchase, which in turn, pushed the shares down.
Unsurprisingly, the new purchase has been unfavourable, with more and more users leaving the social networking site.
This is projected to bring a flat revenue growth from Twitter for the next two years, according to a report by Insider Intelligence on Tuesday.
Twitter, which went private in October, will lose more users in the United States than in any other countries, the report said, adding that monthly users will fall to 50.5 million in 2024, hitting it lowest mark since 2014.
“The Twitter circus show has hurt the Musk brand and it’s a major overhang on Tesla’s stock. Musk is Tesla and Tesla is Musk,” said Dan Ives from investment firm Wedbush Securities.
Investors have also been concerned that demand for the company’s electric cars may slow, as the economy weakens and borrowing costs rise.