Elon Musk briefly lost his title as The World's Richest Man this week, according to Forbes.
The 51-year-old - who recently acquired social media platform Twitter in a monumental $44 billion deal, as previously reported - briefly lost the title on Wednesday (December 7), Reuters reported.
Musk's place on the top spot was lost to Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, though he later regained it.
According to the outlet, Arnault and his family swiftly went back to second with a personal wealth of $185.3 billion.
Musk - who is also the co-founder and CEO of Tesla - has held the title since September 2021, with a net worth of $185.7 billion. Before him, Amazon founder Jeff Bezos had previously held the spot.
Reuters has detailed that Tesla's stocks have lost almost 50% in value since Musk's controversial takeover of Twitter (which has included the implementation of an "extremely hardcore" work environment and significant job cuts). They were down 2.7% when the South African-born businessman briefly lost his title.
Musk's tenure as the owner of Twitter has also caused controversy after he quickly restored several accounts that had previously been banned, including Kanye West's, and floated charging people $8 a month to have a coveted blue 'verified' tick.
Shareholders dumped their Tesla shares in early November - causing Musk's net worth to plummet below $200 billion - amid concerns that the father-of-ten is more concerned with his new Twitter project.
Since April - when Musk began the process of acquiring Twitter - Tesla's market value has nearly halved and Musk's net worth has dropped by $70 billion.
Per Reuters, Musk closed the deal for Twitter on October 27 with loans of $13 billion and a $33.5 billion equity commitment.
As for now, he can rest assured that his place as The World's Richest Man is safe... for now.
