According to both Forbes and Bloomberg, Elon Musk has been overtaken at the top spot of world’s richest person by Bernard Arnault, the chief executive of luxury goods group LVMH.
Mr Musk is the chief executive and largest shareholder in Tesla, with a reported stake of about 14% after a sharp drop in the value of his shares in electric car company this year.
According to Forbes, Musk’s net worth is now 178 billion dollars and Bernard is worthy 188 billion dollars.
Mr Musk’s Twitter deal was only completed after months of legal wrangling, and some have cited the distraction of the takeover as one of the factors behind Tesla’s share price fall.
After building a stake in Twitter at the start of the year, Mr Musk made his $44bn offer in April, although many considered this offer to be too high.
In July, he pulled out of the deal, citing concerns over the number of fake accounts on the platform.
Mr Musk sold billions of dollars worth of Tesla shares to help fund his purchase, which helped to push the shares down.
Investors have also been concerned that demand for the company’s electric cars may slow, as the economy weakens, higher borrowing costs discourage buyers and other companies boost their electric vehicle offerings.