Twitter owner and Tesla Inc boss Elon Musk lost his title as the world's richest person on Wednesday, according to Forbes, following his expensive bets to buy the social media firm and selling stocks of his electric-car company to fund the $44 billion deal.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family took the title with a personal wealth of $185.4 billion, according to Forbes.

Musk, who has had held the top spot on the Forbes list for world's richest since September 2021, has a net worth of $185.3 billion.

Tesla's shares fell about 4%.