Billionaire Elon Musk is no longer the richest person in the world, according to data from "Forbes".

The news follows a sharp drop in the value of his shares in electric car company Tesla. Forbes and Bloomberg note that Musk has been overtaken by Bernard Arnault, CEO of luxury goods group LVMH.

Musk, who acquired Twitter for $44 billion in October after months of legal wrangling, is currently worth an estimated $178 billion. Bernard Arnault owns assets worth 188 billion dollars.

His wealth, according to "Forbes", has decreased by 2.49% - 4.5 billion dollars. This is the biggest drop reported by the ranking; followed by Oracle founder Larry Ellison with $1.1 billion.

Uncertainty surrounding the acquisition of Twitter, which Musk had initially backed out of in the spring, is believed by some observers to be a factor in the share price decline. The BBC quoted Dan Ives of investment bank Wedbush Securities as saying that the "circus" surrounding the Twitter deal, which damaged the "Musk brand", played an unfavorable role.

In addition, Musk sold billions of dollars worth of Tesla stock to help finance the purchase, which also contributed to the price drop. Investors are also concerned that a weakening economy could slow demand for electric vehicles.

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