Elon Musk briefly lost his title as the richest person in the world, passing the crown on to Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH.
Twitter owner and Tesla Inc CEO Elon Musk lost his title following his expensive gamble to buy the social media firm Twitter and sell stocks of his electric-car company to fund the $44 billion (£36bn) deal.
Mr Arnault's personal wealth is now $185.4 billion (£152.2bn), according to Forbes and he briefly took the spot from Mr Musk before heading back to number two.
Mr Musk held the top spot on the Forbes list of the world's richest since September 2021 and has a net worth of $185.3 billion (£152.1bn).
Tesla shares lost more than 47 percent in value since Mr Musk took over Twitter.
Mr Arnault, 73, first got involved with Louis Vuitton Moët Hennesy (LVMH) in 1987 and soon after the two firms merged.
Under his reign, LVMH's sales and profits have soared 500 percent and the company now has over 70 fashion and beauty titles under its belt.
In January 2021, LVMH acquired American jeweller Tiffany & Co for $15.8 billion (£12.9bn), believed to be the biggest luxury brand acquisition ever.
Mr Arnault controls about half of LVMH and the fashion brands under its umbrella include Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer watches, Bulgari and Tiffany & Co.
The company also boasts an impressive roster of wine and spirit brands, including Moët & Chandon, Dom Pérignon, Krug and Veuve Clicquot Champagnes, along with Hennessy Cognac and Cloudy Bay and Château d'Yquem wines.
"When I took over Louis Vuitton, everyone said, 'It's already so big - what more can you do?' And since then, we've multiplied that success tenfold", he once said.
Elon Musk’s brain implant company is under federal investigation after it was reported that around 1,500 animals have died in the last four years during tests.
