Musk Loses His Title as the Richest Person in the World

French businessman Bernard Arnault has surpassed his American rival Elon Musk as the richest person in the world, according to Forbes magazine's billionaire list. The magazine reported that Arnault, who owns the luxury goods company LVMH, had a net worth of $207.6 billion last Friday, while Musk's wealth reached $204.7 billion. Arnault overtook Musk due to a decline in the stock of Musk's electric car company, Tesla, coinciding with a rise in LVMH's stock.