ISTANBUL

Business magnate Elon Musk lost his title Tuesday as "the world's richest person" to Bernard Arnault, chairman and CEO of French fashion powerhouse LVMH Moët Hennessy Louis Vuitton.

Arnault, 73, was on top of Forbes' Real-Time Billionaires List with a net worth of $191.2 billion, while Musk ranked second with $185.1 billion as of 10.15 a.m. EDT.

The 51-year-old CEO of Tesla, SpaceX and Twitter had held the top spot since September 2021 when his wealth surpassed Amazon founder and former-CEO Jeff Bezos.

The decline in Musk's wealth, mostly tied to Tesla shares, comes one day after electric carmaker Tesla saw its stock price plummet 6.3%.

Musk owns around 14% of Tesla shares and more than 40% of SpaceX, which is a private firm, while Arnault owns approximately 60% of LVMH.

The market value of Tesla was around $520 billion Tuesday and LVMH more than $370 billion.