Elon Musk dethroned as richest man in the world: report

Elon Musk has been dethroned as the world's richest man, according to a new report published by Bloomberg.

According to the news outlet, Musk, who previously had a net worth of approximately $340 billion, has been displaced by Louis Vuitton Moët Hennessy (LVMH) CEO Bernard Arnault.

Per Bloomberg's Billionaire Index, "Musk, 51, has seen his fortune tumble by more than $100 billion since January to $168.5 billion." The news outlet also added, "As of 10:20 a.m. in New York, that’s less than the $172.9 billion net worth of Arnault, 73, whose wealth largely derives from his 48% ownership of fashion giant LVMH."

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The distinct drop follows a tumultuous financial year for the billionaire businessman. Last April, Musk turned heads when he offered to purchase Twitter for a whopping $44 billion.

Musk's offer served as an example of the influence wealthy individuals could have in the world. However, Musk's attempt to purchase Twitter came at a time when the Federal Reserve and large banks were "embarking on their most aggressive round of monetary tightening in a generation, slashing the valuations of high-flying companies."

Musk’s Tesla Inc. was one of those companies impacted by the shift. As a result, the company has seen its stock drop by nearly 50% over the last year.

Although the electric car maker attempted to back out of the Twitter deal after making the brazen offer, he was unable to do so.

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"Musk tried for months to get out of the Twitter deal, but failed. He offloaded more than $15 billion in Tesla shares — about $8.5 billion in April, then another $6.9 billion in August — to raise enough cash to fund the purchase," the news outlet reports.

By the time Musk's Twitter purchased was finalized, the Bloomberg index deducted a staggering $10 billion from his net worth.

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