Chief Twit, Elon Musk has lost his place as the world’s richest man due to the value of his stake in electric car company Tesla dropping by at least 50%.

According to both Forbes and Bloomberg, Musk has been dethroned by Bernard Arnault, the chief executive of luxury goods group LVMH. Musk is the chief executive and the largest shareholder in Tesla, with a reported stake of about 14%.

According to Forbes, he is worth about US $178bn, while Bernard Arnault has a value of $188bn.

Not too long ago, Musk completed a $44bn takeover of Twitter. However, the deal was only completed after months of legal back and forth and some experts believe that the distraction of the Twitter takeover was one of the factors behind Tesla’s share price fall.